You’re reading it here first: Online advertising solutions company Vizury has laid off around 50 people in 3 cities in its ad retargeting business, and pivoted its business model to a data management platform (DMP) business, the company told MediaNama. However, sources, on condition of anonymity, told MediaNama that the number was close to 110, and contended that Vizury is moving away completely from its retargeting business. Sources had also told MediaNama that Vizury is shutting its Mumbai office, which the company hasn’t commented on.
Vizury had been launched as a retargeting firm in 2011, and went on raise $27 million across multiple rounds: $2 million in Series A in February 2011, followed by $9 million in October 2012 and last raised $16 million in June 2014. It has investors like Intel Capital, Nokia Growth Partners, Ascent Capital, Ojas Ventures and Inventus Capital Partners.
A shift to being a primarily a DMP business is a shift in core mandate for the company. In an email, Vizury told MediaNama that they’ve evolved from being a retargeting company to a “big data marketing company” over the last two years, and that it believes that this is a natural evolution of its business. Vizury is now divided into two broad businesses: digital advertising and data analytics. The full statement:
Vizury’s full statement
Since our inception, we have always believed that data is important for any brand’s marketing needs and all our offerings have always had a data-backed approach. In this pursuit, we have evolved from a retargeting company to a big data marketing company over the last 2 years. We announced Vizury Engage, our Data and Marketing platform earlier this year and already have customers on board. For Vizury, we believe this is a natural evolution from retargeting to a wider performance landscape. We plan to do this transition over time and realize our vision of becoming the world’s first Performance Marketing Hub that helps Brands build customer engagements that last.
As part of this transition towards building a powerful data-driven marketing stack, some parts of the retargeting business had to be transitioned, hence about 50 employees across 3 cities in India were affected. Like always, we will continue with our efforts towards delivering greater ROI on retargeting investments for our clients. In fact, with focused efforts on our app retargeting solution, we have set a global benchmark and are powering mobile marketing strategies for many clients as well.
Updates: This story has been rewritten for brevity and additional context