The companies will begin bankruptcy proceedings in the U.S. and similar proceedings in the United Kingdom, saying it's impossible for them to continue operations after the scandals drove away customers and suppliers.
The media "siege" had driven away clients and suppliers, the company added, making it no longer viable to continue. Democrats allege they violated the law because Cambridge Analytica employees were foreign nationals who helped make key campaign decisions.
Cambridge Analytica closed on Wednesday citing a loss of business.
The company formerly known as Cambridge Analytica shocked the media today when it announced an immediate shutdown and liquidation of its business. The company used demographic information from the data to target political advertising.
As details of the data breach came to light, as well as reports that Cambridge Analytica had Indian "clients" as well, political parties accused each other of using Cambridge Analytica's services.
Damian Collins, the chair of the House of Commons committee which has been looking into the company's activities, has said the investigations into their work remain vital and warned that "Cambridge Analytica and SCL group can not be allowed to delete their data history by closing". "AggregateIQ is and has always been 100-per-cent Canadian owned and operated".
So, Cambridge Analytica is no more.
On Wednesday, a cyber-security specialist told MPs that a company he claimed was closely linked to Cambridge Analytica had worked with various pro-Brexit groups during the referendum campaign. The same people set up another company and yesterday issued new company resolutions!
What's the betting that the thinking behind Emerdata might be very similar to Cambridge Analytica?
After suspending its chief executive, Alexander Nix, in March, Cambridge Analytica launched an independent investigation to determine if it had engaged in any wrongdoing.
Rebekah Mercer and her sister Jennifer joined the board of a new data gathering company called Emerdata on March 16, but it is unclear what their roles will be.
Cambridge Analytica was created around 2013 initially with a focus on USA elections, with $15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by future Trump White House adviser Steve Bannon, the New York Times reported.
And Damian Collins, chair of the Commons select committee for Digital, Culture, Media and Sport (DCMS) tweeted: "Cambridge Analytica and [parent company] SCL Group can not be allowed to delete their data history by closing".
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