OpenWeb, the advertising technology firm once valued at $1.5 billion, has entered insolvency proceedings in Israel. It’s the latest turn in a dramatic reversal of fortune for a company that raised hundreds of millions of dollars and has worked with hundreds of premium publishers.
The Tel Aviv District Court this week declared OpenWeb insolvent and ordered the appointment of a temporary receiver following a request from Mars Growth Capital, part of Liquidity Group, according to the Israeli business publication Globes. Mars is seeking to enforce liens on OpenWeb’s assets over roughly $20 million in outstanding debt, Globes reported.
