Justin Townsend, chairman of IGA Worldwide, has told that although IGA's preference is to finish closing a third round of funding within a matter of weeks, the company has a "fiduciary duty" to shareholders to explore the sale of the company.
The company has hired Gordian Group to handle a private process for either a possible sale of the company or investment into the firm, according to VentureBeat.
Townsend told VentureBeat that IGA did not want to accept "low-ball offers".
IGA has already raised more than $46m in two rounds of funding through investors such as Easton Capital, Morgenthaler Ventures, DN Capital, and Intel Capital.
The company, which has high-profile deals with publishers such as Activision, Sony, and EA, was forced to make 25% of its staff redundant in November last year after firms began scaling back their ad budgets amid the economic downturn.