Velti used to be one of the largest Ad platforms globally - a direct competitor of Google AdSense and outcompeting what became Google AdMob - and one of the stars of the European startup scene.

Yet it's collapse in 2013 was severe. When I see a number of HNers bemoan the nonexistence of European AdTech (and tech in general), it was due to the collapse of Velti and the echos of the Eurozone crisis (which only ended 10 years ago).

> The slideshow indicated that it took 272 days for Velti to collect its money. It also published a chart showing the difference between the revenue it was owed, accounts receivable ("AR"), and actual revenue. AR far outstripped sequential revenue, a clear warning that the business was not taking in as much cash as its contracts called for

Who were its clients that were supposedly going to pay them … eventually?

Finding good clients is half the battle….

> But after third-party costs are taken out, Velti keeps only $8.7 million in net revenues. Its sales and marketing expenses alone are $11 million.

What are these other expenses? They have 900 employees, I would expect a lot of their work is done themselves…. but apparently not?

So they were incurring expenses, on behalf of people that were not paying them?