With my co-founder, Tim, I have taken the challenging decision to reduce the size of the team as we continue to focus the business on responsible and sustainable growth. This will enable us to support those who work with Permutive through the current economic climate, but especially our existing customers.
I’m accountable for these decisions and why we’re here as an organisation. These changes will impact colleagues through no fault of their own, and we’re losing amazing people as a result. To each of you, I’m truly sorry for this.
What’s written here is for customers, partners, shareholders, and people who have supported the business. I want to share with you why we’re here today and the steps we are taking to ensure Permutive continues to deliver on our mission to rebuild advertising to protect privacy.
What has caused this change, and what is the impact on Permutive?
We are incredibly fortunate to be well-capitalised and in a strong position to plot our own course. But maintaining that course in the current economic climate requires us to constantly reassess and act responsibly to do what’s best for our customers. 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.
We’re on a journey to bring control over digital revenue firmly back into the hands of publishers as they continue to drive tremendous value with their data. We’ve helped lead that change with our customers and have built unique capabilities to drive the industry to that future.
The changes we make today will see us focus on the capabilities our customer base needs now and what they will need in future to get ahead of industry changes. Together with the leadership team, we have evaluated our structure and have taken the tough decision to reduce the size of our team to ensure the strength of the business. We will be losing valued colleagues through no fault of their own.
Consistent with UK laws, we are now entering a formal consultation process. We will conduct similar processes in line with local laws and practices for employees outside of the UK. As a result, we are not able to share more details at this time.
Decisions that impact our people are always incredibly difficult, but our actions ensure we maintain our position of strength.
We are so grateful for the trust our customers and investors continue to place in us to rebuild advertising to protect privacy. Making these difficult decisions makes it possible to continue to build products that allow our customers to thrive in a privacy-first world.