The iconic smartphone advertising company is letting about 100 people go out of around 1,000 total employees.
InMobi, a mobile ad company that has been seen as a considerable Indian success story that has been drawing leading talent and investors throughout the tech industry has now revealed that it is laying off a massive ten percent of its staff.
The cutbacks are going to affect approximately 100 people out of the total staff of 1,000 company employees.
This is the most recent indicator that the mobile ad network is finding it increasingly challenging to be able to survive the staggering competition from giants such as Facebook and Google. The startup has been in direct competition with those massive players when it comes to the data-driven mobile marketing arena. InMobi had been maintaining great hopes for their products, but the startup has not been meeting its targets when it comes to revenue, moreover the burn rates don’t appear to be decreasing, say many media reports.
The mobile ad network has received venture funding from exceptionally powerful top investors.
Among those investors are Sherpalo Ventures from Caulfield & Byers and Ram Shiram, and Softbank from Japan. In 2011, it was the recipient of $200 million from SoftBank, bringing it to the point of being a startup that had more than $1 billion as its market cap.
According to an anonymous source who has knowledge of the latest developments at InMobi, “Investors have told them (InMobi) to reduce costs,” adding that “The layoffs have happened from the senior executive level to the programmer ranks.”
A spokesperson was reported to have said in an email query response that employees have left for a range of different purposes, such as starting their own ventures or moving forward with various career aspirations. That individual explained about the mobile ad network that “We also let go of a few people for performance reasons each year.” That person stated that the startup has a strategy in place for 2016 for driving growth, which included the hiring of 40 additional employees and that it had issued offers for more than 48 management and engineering grads.
The tech company has now hired a chief financial officer for the first time in its existence.
The growth of Fiksu, the mobile marketing technology company, is continuing to move forward at an astounding rate, as has been reflected in its latest new hire, which represents the first chief financial officer that the company has ever had.
Fiksu has now announced that its very first CFO will be Ken Goldman, who is experienced in the field.
Goldman was previously the Black Duck Software CFO and has now come to join the executive team from the mobile marketing firm based in downtown Boston, Massachusetts. The new Fiksu CFO is considered to be quite the seasoned technology industry veteran and has been a driving force behind a number of companies that have been successfully acquired and that have been brought through their initial public offerings (IPOs) over the last three decades.
Now, the most recent step in Goldman’s career is in joining with this rapidly growing mobile marketing technology company.
Goldman achieved a great deal of attention from 2006 through 2008 as he constructed the infrastructure and systems that were required to bring Salary.com to its IPO. The success of that effort was so great that the IPO ended up being eight times subscribed and was able to sell notably more shares than had been forecasted.
Beyond Salary.com, Goldman has also been a part of the teams of several other notable brands and businesses, including Student Advantage, Lodestar Corporation, MediaMap, Shoplink.com, and others.
Fiksu’s CEO, Micah Adler released a technology news statement that welcomed Goldman to the company, saying that “We’re thrilled to expand the strength of our executive team by bringing Ken on board.” He also added that the firm has every faith in his “impressive” and “proven track record in driving growth” for businesses in industries that are rapidly evolving.
The mobile marketing company’s announcement also stated that “We’re looking forward to leveraging his experience and expertise to help Fiksu evolve to the next level and realize its full potential.” The firm was founded in 2008 and has been rapidly growing as a result of its main investors of $16.7 million from Qualcomm Ventures and Charles River Ventures.
