MediaTech 50 firm Bidstack has begun legal action against commercial partner Azerion.
The in-game advertising platform, headquartered and listed in London, signed a minimum two-year $30 million revenue commercial deal with Netherlands-based Azerion in December 2021.
It claims Azerion has reneged on the deal.
“As announced on 28th October 2022, the company received an email from Azerion requesting certain information and reserving its rights under the agreement. Bidstack responded with detailed information demonstrating the Group’s compliance with all areas identified,” it stated.
“Bidstack had been working with Azerion to find a mutually acceptable solution to commercial issues raised by Azerion. In the course of those discussions, it became clear to the Bidstack board that Azerion was withholding payment of sums which Bidstack considers to be due and owing in accordance with the agreement.
“The discussions with Azerion have not led to a satisfactory conclusion for the company and its shareholders. Consequently Bidstack commenced legal action to enforce payment of overdue sums.”
Bidstack revealed that Azerion has now served notice upon it “purporting to exercise an alleged right to terminate the agreement”.
“Bidstack has taken appropriate external legal advice and has concluded that Azerion has no present entitlement to end the agreement. Bidstack now intends to claim damages for unlawful termination,” it said.
Bidstack’s increasing inventory inside games is now being sold to brands, agencies and partners via a combination of a digital open marketplace and private marketplace for exclusive direct deals.
It has brought on board a number of global resellers including MMP Worldwide (MENA), AdScholars (India) and Totally Awesome (APAC) and has established a regional presence in Japan to service media and licensing opportunities.
With a recently announced focus on the US, its directors are targeting an annual $100m revenue opportunity over the mid- to long-term.
MediaTech 50 – UK’s most innovative media technology creators for 2022