KIT Digital has announced that it is exploring strategic business options, including a potential sale, consolidation or merger after it failed to reach an agreement regarding the appointment of four additional candidates to its Board of Directors as recommended by some of its investors including JEC Capital, which was also responsible for creating a similar […]
KIT Digital has announced that it is exploring strategic business options, including a potential sale, consolidation or merger after it failed to reach an agreement regarding the appointment of four additional candidates to its Board of Directors as recommended by some of its investors including JEC Capital, which was also responsible for creating a similar issue at Miranda Technologies earlier this year.
KIT has engaged Deutsche Bank to explore options with entities that have expressed interest in working with the company. KIT stated that it is already in the process of reconfiguring its Board of Directors, and has engaged CT Partners, a global executive search firm, to assist it in this search.
These announcements have been the consequence of several issues at the company recently including substantially lower financial results which prompted investors to sell their assets, thereby causing share prices to plummet. KIT Digitals revenue for Q1 2012 was US $59m, down 16% from the previous quarter.
Earlier this year, former KIT Digital CEO Kaleil Isaza Tuzman also resigned from his position as the companys non-executive chairman, citing differences with the companys board of directors regarding KITs strategic sales process.
