Bidstack exec team acquires Bidstack
The executive team of Bidstack have bought back the in-game advertising platform from investors and shareholders.
In a post shared on LinkedIn, it clarified that all contracts of UK and European-based staff will continue, as will client relationships.
Last October, Bidstack experienced the collapse of a £2.4 million loan agreement with investor Iderto, as reported by Share Cast. As a result, Bidstack initiated an internal review with restructuring firm Alvarez & Marsal Europe LLP last month, Business Cloud noted.
Earlier this month, the firm announced administrators had been appointed following the loan collapse and suspended its shares as a result.
Bidstack had approached "upwards of 200 potential buyers" before its executives acquired the platform.
Bidstack founder James Draper will remain CEO, alongside Dave Garvey as chief legal officer and Daniel Barrigas as chief technology officer.
Chief security officer Lisa Hau will become chief financial officer, while creative director Will Stewart will take on the additional role of chief product officer.
The company's executive team will also become majority shareholders as a result of the acquisition.
"The acquisition is a pivotal moment for the next phase of growth for the business," said Draper. "The company can now focus on the enormous potential we have, to enable sports teams to get closer to their fans and improve the player experience from bringing their virtual IP to life."
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