Ad exchange adBrite has announced plans to shut down its services starting on February 1. All 26 of the company’s employees will lose their jobs as the ad exchange closes its doors.
During an interview with AllThingsD in 2012, CEO Hardeep Bindra said he joined the platform in order to sell off its services. Several weeks ago, the sale of adBrite fell through, forcing Bindra to close the platforms doors.
Here is the email adBrite sent to publishers and advertisers:
Dear adBrite Advertiser,
Over the last few weeks, adBrite and its management have been evaluating the go-forward plan for the business. Given market conditions and certain financial liabilities, in working with our lenders, we have decided to cease operations on Feb 1, 2013.
This is a difficult decision for all of us at adBrite. However, after much deliberation this seems to be the best course of action despite the impact it will have on all the employees, clients and partners who helped build this business. There will be a team in place as needed to assist with winding down your campaign, and final reporting and invoicing.
Thank you for being part of the adBrite community.
The adBrite Team
The adBrite ad network started operations in 2002 and became an ad exchange in 2008.
AdBrite was helped along by $40 million in funding from Sequoia Capital and other investors.
No other details regarding the company’s financials have been revealed at this time.
In other news, AdBrite competitor AppNexus recently announced raising $75 million in series D funding.
Are you surprised by the sudden closure of adBrite?