AllDigital Holdings, Inc won the auction to acquire substantially all assets of Brevity Ventures Inc. from from Hilco Streambank, LLC for $0.4 million.
September 26, 2014 at 12:00 am
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AllDigital Holdings, Inc (OTCBB:ADGL) won the auction to acquire substantially all assets of Brevity Ventures Inc. for $0.4 million in cash on September 25, 2014. The deal was approved by Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware in Wilmington. The transaction is expected to close by October 31, 2014.
AllDigital Holdings, Inc (OTCBB:ADGL) entered into an asset purchase agreement to acquire substantially all assets of Brevity Ventures Inc on October 17, 2014. The transaction can be terminated if it is not closed by October 31, 2014.
Matthew P. Ward, Thomas M. Horan and Ericka F. Johnson of of Womble Carlyle Sandridge & Rice LLP acted as legal advisors for Brevity Ventures Inc. Hilco IP Services LLC acted as intellectual property disposition agent for Brevity Ventures Inc. Larry A. Cerutti of Troutman Sanders LLP acted as legal advisor for AllDigital Holdings, Inc.
AllDigital Holdings, Inc. (AllDigital) is a software as a service (SaaS) company. The Company offers various solutions, which include enterprise, small and medium businesses, original equipment manufacturer (OEM) and resellers, corporate applications, media and entertainment, and integration services. The Company develops Brevity, which is a software product. Brevity is a solution with various features, including file transport, transcoding and workflow management. It offers AllDigital Brevity Cloud, which is a platform that uploads, transcodes and delivers video files. It offers AllDigital Brevity Pro, which is a software for the on-premise appliances wanting to either encode, upload or deliver video locally or connect to other physical or virtual locations. It offers various technologies, such as AllDigital Brevity Application Programming Interface (API), AllDigital Cloud, Azure Cloud, Level 3 Video Player, White Paper, Video Transcoding Software and Video Compression Software.
AllDigital Holdings, Inc won the auction to acquire substantially all assets of Brevity Ventures Inc. from from Hilco Streambank, LLC for $0.4 million.