Softbank-backed adtech firm Permutive announces further layoffs, which could affect up to 40% of staff
Permutive told staffers this week it's preparing a round of layoffs that may affect up to 40% of staff.Permutive said it wants to focus on profitability amid a challenging economic environment and drop in venture funding.
UK-based adtech company Permutive this week announced a layoff that is expected to affect just under 80 staffers, or about 40% of its headcount, Insider has learned. Staffers in the company's UK office have now entered a formal consultation process. UK employment laws stipulate employers laying off more than 20 staff must consult with employee representatives over redundancy plans. Permutive said it would conduct similar processes for international employees, in compliance with local laws.
The company said the decision reflected prolonged challenges in the economy. A Permutive spokesperson said the company couldn't comment on the numbers or divisions affected. "Late-stage venture capital has fallen by 80%, and as we chart a course for responsible growth, we've decided to prioritise profitability and double down on our existing customers," wrote Permutive CEO Joe Root inThis week's announcement followed an earlier round of layoffs in August,Ad businesses ranging from big tech giants to smaller startups have been affected by a deceleration...
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