- Adtech company Infillion is set to acquire the assets of bankrupt adtech firm MediaMath.
- Infillion was the highest bidder in the bankruptcy auction, bidding around $22 million, sources said
- A hearing to approve the sale is set to take place on Wednesday, August 23.
According to court filings, the US-based adtech firm Infillion has emerged as the highest bidder for the assets of MediaMath, the high-profile adtech firm that filed for Chapter 11 bankruptcy in June.
According to three people familiar with the situation, Infillion intends to buy MediaMath’s platform for around $22 million. According to one of those sources, Infillion intends to restore the technology and rehire former MediaMath employees and clients.
A sale hearing in Delaware bankruptcy court is scheduled for Wednesday, 8.30 a.m. Eastern Time.
According to court filings, Genius Sports, a sports data and video-streaming company based in London, made the second-highest bid for the MediaMath assets.
A MediaMath representative declined to comment. Infillion and Genius Sports representatives did not immediately respond to requests for comment.
While some of MediaMath’s technology will be preserved as a result of the bankruptcy purchase, it will be an extraordinary fall from grace for a company valued at more than $1 billion at its peak.
MediaMath, a 16-year-old pioneer in New York’s adtech scene, eventually struggled to compete with rivals such as Google, Amazon, and The Trade Desk. After MediaMath’s private equity owner refused to release any additional financing earlier this year, and a potential buyer unexpectedly backed out of a $70 million deal at the last minute, the company filed for Chapter 11 bankruptcy on June 30. That day, the company ceased operations, resulting in the loss of over 300 jobs.
Hundreds of companies owed the company approximately $125 million in trade liabilities, including Google, Microsoft’s Xandr, and the publicly traded adtech companies Magnite and PubMatic. In the bankruptcy filings, Insider is also listed as a creditor.
After Disney sold its video adtech asset TrueX to the location-focused adtech firm Gimbal in late 2020, Infillion was formed in 2022. The Wall Street Journal reported at the time that Gimbal paid less than $100 million for TrueX, citing people familiar with the matter.
Infillion provides a variety of solutions ranging from campaign planning and media buying to shoppable video and data and measurement tools. According to its website, its clients have included Amazon, Bank of America, and T-Mobile.
MediaMath’s assets included its demand-side platform, which uses automation to help marketers plan, buy, and optimize ads across multiple media channels. It also included a data-management platform.
Insider previously reported that MediaMath founder and CEO Joe Zawadzki was assembling a syndicate dubbed “Project Phoenix” to repurchase the bankrupt company’s assets. Project Phoenix was not mentioned in the court documents.