What is the story about?
What's Happening?
Verve, a Swedish adtech company, has laid off an undisclosed number of employees from its marketplace team. The layoffs occurred in late August and early September, primarily affecting the team managing the Verve supply-side platform (SSP), which was previously composed of two separate platforms, PubNative and Smaato. The restructuring also impacted the sales and marketing departments. Employees affected by the layoffs were reportedly given little notice. Verve is a publicly traded company with an estimated market cap of $740 million.
Why It's Important?
The layoffs at Verve highlight ongoing challenges in the adtech industry, where companies are often required to adapt to rapidly changing market conditions and technological advancements. The consolidation of the SSP platforms suggests a strategic move to streamline operations and potentially reduce costs. This restructuring could impact Verve's market position and its ability to compete with other adtech firms. Employees in the affected departments face job insecurity, while the company may benefit from increased efficiency and reduced operational costs.
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