HN Explorer

AdBrite is ceasing operations on Feb 1 2013

5 points by Yabood ↗ HN
Just received an email from adBrite stating that they will be ceasing operations on Feb 1, 2013.

Below is a copy of the email:

"Dear adBrite Publisher,

Over the last few weeks, adBrite and its management have been evaluating the go-forward plan for the business. Given market conditions and certain financial liabilities, in working with our lenders, we have decided to cease operations on Feb 1, 2013.

This is a difficult decision for all of us at adBrite. However, after much deliberation this seems to be the best course of action despite the impact it will have on all the employees, clients and partners who helped build this business. There will be a team in place as needed to assist with winding down. Thank you for being part of the adBrite community.

The adBrite Team"

5 comments

[ 2.5 ms ] story [ 22.7 ms ] thread
ddorian43
When these companies just shut down, why don't they release the source code?
Pwnguinz
If they are shutting down due to owing money to creditors, then they do not own the source code anymore. The creditors can do as they see fit; they may even turn around and sell it to another company.
macaddy
The entire executive team at Adbrite is rotten to the core. Hardeep Bindra, John Supan and John Underwood from Adbrite lied to everyone repeatedly over the past 6 months about Adbrite. Unethical to the core. The most obvious lie is that they put out a press release 2 months prior claiming they will relaunch, and today, the Indian goon tells Kara Swisher their plan was to sell the company all along - per AllThingsD! Whitewashing history! They are terrible human beings. These guys are goons and they screwed over everyone including employees, creditors and publishers.
relaunched
This is unfortunate, but often happens in startups. I can't speak to whether or not there was dishonesty or a lack of character, but I feel for everyone receiving this unexpected email.

Is Adbrite's leadership doing anything to help find employment for everyone about to be displaced? 'Cause that would be a great way to show that you care and appreciate all the hard work that was done on behalf of the founders' and their vision.

If not, my email address is in my profile. And eventhough my company is in Minneapolis, I'll expedite any resumes for any developers / designers that are interested.

macaddy
Adbrite stringed everyone along until the last minute. They are a fraud. They have not been paying publishers and they owe publishers alot of money. Let that be a lesson. Never trust a Sequoia backed startup. No ethics!