Rumors are making rounds that the recession-hit in-game ad firm IGA Worldwide has hired the Gordian Group for working around either an investment into the company or a possible sale. Insiders say that March 27 is the deadline set for potential buyers to file their bids.

The 2004-founded IGA, which launched its first ads in 2006, bagged over $46 million in its two funding rounds. The company has run more than 200 campaigns, and boasts of working with the IBM and McDonald's marquee.

IGA, which slots in ads into video games, has put itself for sale despite the fact that it is trying to close a new funding round. The company's list of existing investors includes Easton Capital, DN Capital, Intel Capital, Morgenthaler Ventures, Translink Capital, Peacock Equity fund, KTB Ventures, Itochu Technologies, and Sumitomo/Presidio STX.

Though the privately-held IGA refrains from disclosing its current finances, the company has been amongst the losses during the last couple of years. Admitting that the ongoing times are tough, CEO Justin Townsend has also expressed his desire to keep the company. He said that since the recession had taken its toll on the ad budgets, it was nearly impossible for IGA to achieve its projected revenue figures.

However, at the same time, Townsend added that IGA did not want to accept "low ball offers" for the company's acquisition!