Bank Shuts Down Local Online Advertising Company WebVisible For Not Paying Debts

Local interactive advertising firm WebVisible has shut its doors. According to a note sent from the company’s CEO to employees, WebVisible ran out of cash, and Silicon Valley Bank is shutting the company down.

WebVisible’s software allowed advertisers to manage local online campaigns on Google, Yahoo, Bing and others. The company’s services were offered directly affiliate partners to local businesses, franchisors, and national advertisers Previous WebVisible partners include AT&T, British Telecom, Yellow Pages Group of Canada, EarthLink, and The McClatchy Company, among others.

WebVisible, which was founded in 2001, has raised over $17 million from Sutter Hill Ventures, Redpoint Ventures, and Adams Street partners.

Here’s part of the note sent to employees:

It is with deep sadness and regret that I must inform you that today, December 27, 2011 is the last day of operation for WebVisible. I know this is a shock and has come abruptly. Even with all our efforts to recover throughout this past year, we found ourselves in a position in which the debt load of the company was simply too much to overcome. Our bank foreclosed on its loan which means they are taking over the company’s assets and collecting all remaining payments. As a result they have forced the company to shut down….This happened quite suddenly, and the timing could not be more unfortunate…As of today there are no employees left at WebVisible, including myself and therefore there is no one to handle anything for you.. This is like a bad movie, I can’t imagine a worse scenario for shutting a company down and laying everyone off, the only concession I was able to get from the bank was to wait until after Christmas. As the CEO I apologize that I have not been able to do more to avoid this event and this timing.

We are still trying to get confirmation from the company, and will update when we hear back.