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As speculation rises over the future of the entire ad-tech ecosystem, independent ad tech outfit Sizmek has filed voluntary Chapter 11 bankruptcy petitions.
The company filed official paperwork on March 29 and dropped a press release just before midnight Eastern Time, as the industry simmered with speculation that the company, co-owned by private equity firms Cerberus Capital Management and Vector Capital, was under serious financial strain.
Per official documentation, Sizmek has recently been in discussions with its stakeholders regarding support of the company given its “over-leveraged balance sheet” in recent weeks.
“As a result of this action, Sizmek’s board of directors unanimously determined that Chapter 11 protection is the only responsible mechanism by which the company can seek access to capital and preserve value,” the document reads.