Ad tech unicorn Ve Interactive is in the process of going into administration after struggling to pay its employees on time and after CEO David Brown stepped down.
According to The Financial Times, the company’s executives discussed the terms of administration at a London court hearing today. The newspaper reported the company’s valuation has dropped from £1.5 billion to £300 million in recent months, meaning it’s no longer classified as a unicorn (where companies are worth more than £1 billion).
Brown left the company last month, replaced by Morten Tonnesen, formerly senior partner at early stage investors Aston Ventures. Brown remains an “adviser” to Ve Interactive.
The company reportedly employs 1,000 people, and has repeatedly failed to hit its own targets for revenues and profit. Stuart Chambers, former chairman of ARM, was due to join the company as chairman but, as news of its troubles emerged, never took the post.
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