IGA Worldwide considers sale as it attempts to close new round of funding

by Staff, Brand Republic 17-Mar-09, 10:30

NEW YORK - In-game ad specialist IGA Worldwide is aiming to close a third round of funding but has also put itself up for sale according to reports.

st1\:*{behavior:url(#ieooui) }

Justin Townsend, chairman of IGA Worldwide, has told VentureBeat.com that although IGA's preference is to finish closing a third round of funding within a matter of weeks, the company has a "fiduciary duty" to shareholders to explore the sale of the company.

The company has hired Gordian Group to handle a private process for either a possible sale of the company or investment into the firm, according to VentureBeat.

Townsend told VentureBeat that IGA did not want to accept "low-ball offers".

IGA has already raised more than $46m in two rounds of funding through investors such as Easton Capital, Morgenthaler Ventures, DN Capital, and Intel Capital.

The company, which has high-profile deals with publishers such as Activision, Sony, and EA, was forced to make 25% of its staff redundant in November last year after firms began scaling back their ad budgets amid the economic downturn.