The digital advertising company cited unfavorable market conditions.
Digital advertising company Eyeblaster Inc. has cancelled its planned Nasdaq IPO. The Israeli start-up yesterday withdrew its prospectus filed with the US Securities and Exchange Commission (SEC). The company cited "unfavorable market conditions" as the reason.
"Globes" reported that Eyeblaster fired 5% of its workforce in Israel two weeks ago because of the financial crisis, which is liable to affect online advertising revenue. The company has 250 employees at its New York headquarters and Ra'anana R&D center.
In March, Eyeblaster announced that it planned to raise $115 million in an IPO on Nasdaq. Lehman Brothers and Deutsche Bank were supposed to be the joint book-runners, while co-managers were going to be UBS and Pacific Crest Securities.
Eyeblaster has raised $40 million to date from Israeli and foreign venture capital funds.
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2008
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