Velti, the mobile advertising platform that has seen a meteoric rise and fall from 2011 IPO to bankruptcy this month, is relying on Sitrick and Company for PR support.
The San Francisco-based company filed for Chapter 11 protection in the U.S. on Nov. 3 and this week landed court approval to sell its mobile marketing business. Its overseas operations – U.K., Greece, China, among others -- remain unaffected.
The company's Delaware bankruptcy filing showed assets from $10M-$50M and debt of $50M-$100M as it struggled to collect revenue owed through its platform and went on an acquisition binge after going public with a Nasdaq listing in 2011, raising $150M. Business Insider called Velti "probably the largest pure-play mobile ad company on the planet."
Sitrick's Tom Becker and Danielle Newman in New York are speaking for Velti.
Blackstone's GSO Capital Partners is stalking horse bidder for the mobile marketing business sale.
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