Advertising technology service Sizmek Inc. is seeking bankruptcy-court approval to sell its digital-ad marketplace to Zeta Global Holdings Corp. for up to $36 million, the first such asset sale since Sizmek filed for chapter 11, WSJ Pro Bankruptcy reported. Sizmek said that it needs to sell its demand-side platform and its data-management platform “on an urgent, expedited basis” to avoid the collapse of their value as going concerns, according to papers filed Friday in the U.S. Bankruptcy Court in New York. Zeta is offering an estimated $33 million to $36 million, made up of $10 million in cash, $5 million in preferred stock and a share of whatever is collected on certain accounts receivable. The company is proposing a private sale with no competitive bidding, saying that expediting the transaction would deliver more value than a lengthier court-supervised auction.
