Ad Exchange adBrite To Shut Down On Feb. 1

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Ad exchange adBrite told partners today that it will be shutting down on Feb. 1.

A couple of TechCrunch readers sent us copies of the emails that went out to adBrite publishers and advertisers. Here’s the advertiser version:

Dear adBrite Advertiser,

Over the last few weeks, adBrite and its management have been evaluating the go-forward plan for the business. Given market conditions and certain financial liabilities, in working with our lenders, we have decided to cease operations on Feb 1, 2013.

This is a difficult decision for all of us at adBrite. However, after much deliberation this seems to be the best course of action despite the impact it will have on all the employees, clients and partners who helped build this business. There will be a team in place as needed to assist with winding down your campaign, and final reporting and invoicing.

Thank you for being part of the adBrite community.

The adBrite Team

In an interview with AllThingsD, CEO Hardeep Bindra said he joined last year with the goal of selling the company, and was making progress on talks before they fell through “a couple weeks ago.” AdBrite currently has 26 employees.

The company was founded in 2002 as an ad network, and became an ad exchange in 2008. It raised more than $40 million in funding from Sequoia Capital and others. (Shortly after Sequoia’s infamous “RIP Good Times” presentation, it laid off 40 percent of its staff) Co-founder Philip Kaplan has been involved in several startups since then — currently he’s working on a social network for musicians called Fandalism.