However, word started to spread in early 2013 that Velti was struggling to pay its developers and, in May, the company laid off 200 employees, took a $111 million write-down during this year’s second quarter and sought a buyer for Mobclix as customers abandoned the business. In November, Velti announced it was shutting down Mobclix and that its other US operations were filing for Chapter 11.
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Ultimately, the former Mobclix engineers are migrating from one embattled company to another. Since Mobclix’s heyday in 2010, during which it served 3.5 billion ad impressions per month with a $25 million to $30 million run rate, the company was acquired by London-based mobile marketing firm Velti (whose clients included many of the world’s biggest mobile operators such as Vodafone, Verizon and AT&T).
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