IGA considers selling up

MCV Staff 16th March 2009 Business News

In-game ad specialist IGA Worldwide is trying to close a new round of funding – and has put itself up for sale.

The company’s chairman Justin Townsend told VentureBeat that the firm would prefer to finish closing a third round of funding within a matter of weeks.

He added that the company "had a fiduciary duty to its shareholders to explore the sale of the company".

VentureBeat revealed that the Gordian Group has been hired to handle a private process for either an investment into or possible acquisition. Possible buyers must file their bids by March 27th.

Townsend said he did not want to sell the company or accept low-ball offers”, but acknowledged that the firm had been hit by the recession.

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