Adtech company IgnitionOne lays off staff while facing an allegation of unpaid bills - Business Insider

New York-based adtech firm IgnitionOne laid off staff on Wednesday and faces allegations of unpaid bills.

IgnitionOne recently spun off its demand-side platform to martech firm Zeta Global to focus on its data and tech business. Progress Partners, an investment firm IgnitionOne hired to advise it on the deal, alleges that IgnitionOne owes the firm more than $590,000 in damages.IgnitionOne, which builds and sells programmatic advertising technology, laid off a handful of 10 employees on Wednesday, sources close to the company said.

The cuts, estimated to number fewer than 10, came two months after martech firm Zeta Global acquired IgnitionOne's demand-side platform that coordinates marketers' programmatic ad buys. Some of IgnitionOne's accounts from small to mid-size brands and fewer than 15 people from IgnitionOne joined Zeta Global as part of the deal, a Zeta Global spokesperson said.

IgnitionOne also faces a civil complaint alleging breach of contract from Progress Partners, an investment firm it hired to advise it on a potential sale. A complaint filed in October in Massachusetts District Court alleges that IgnitionOne owes Progress Partners more than $590,000 in damages plus attorney's fees, interest and other costs, related to its work that led to the deal

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