Sojern Lays Off 50% of Staff as Coronavirus Cuts Through the Travel Industry
Summary
An Adweek article by Andrew Blustein reporting that Sojern, an ad-tech firm serving travel companies, has laid off about half its staff of about 600 employees, according to multiple sources who told Adweek. The article says the company confirmed the layoffs but gave no further comment on their extent, and quotes a Sojern spokesperson on the impact of COVID-19 on the travel industry. It says Sojern has 13 offices across North America, EMEA and Asia Pacific, and cites Crunchbase for a 2018 funding round of $120 million and a total of $162.5 million raised over 13 years.
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Cited in: How 41 Companies Handled Pandemic Layoffs · Sojern
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“Sojern Lays Off 50% of Staff as Coronavirus Cuts Through the Travel Industry.”
Original at www.adweek.com. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/sojern-lays-off-50-of-staff-as-coronavirus-cuts-through-the-travel-ind-2cfed3cbe8/
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Ad Tech & Mar Tech Sojern Lays Off 50% of Staff as Coronavirus Cuts Through the Travel Industry Ad-tech firm's finances have been 'hit hard' By Andrew Blustein | 1 day ago Sojern is the latest company to struggle in the face of coronavirus. Sojern, Getty Images Share By Andrew Blustein | 1 day ago Share Key Insight: Sojern, an ad-tech firm servicing travel companies, has laid off about half its staff of about 600 employees due to financial instability caused by the coronavirus pandemic, multiple sources have told Adweek. The company confirmed the layoffs to Adweek, but did not provide further comment as to the exact extent of the cuts. “We’ve had to make the unfortunate decision to lay off several wonderful employees,” a Sojern spokesperson said. “COVID-19 has had a significant impact on the travel industry that is both unexpected and unprecedented. Like many other travel companies, Sojern has been hit hard and, in order to weather this global storm, we have had to make some very difficult business decisions. “Right now, we are focused on ensuring that all our employees, customers and partners are well taken care of, and that we are all able to get through this difficult time together.” The travel industry has been hit especially hard by coronavirus. One report found that travel advertising fell by as much as 90% in March. “We basically saw everyone stop,” said Todd Krizelman, CEO and co-founder of MediaRadar in an earlier interview with Adweek. The economic impact of coronavirus has been felt by the ad-tech industry, too, as some firms have been forced to adjust payment terms or reach out to financial solutions companies in search for liquidity. Adara, another travel-focused ad-tech company, has begun notifying inventory partners of an abrupt scaling back of media buys on its platforms. Triplelift had to cut 7% of its staff and close some European offices. Sojern has 13 offices across North America, EMEA and Asia Pacific. It is unclear whether any particular location or job type was impacted most by these layoffs. The company’s last funding round in 2018 brought in $120 million and has raised a total of $162.5 million over 13 years, according to Crunchbase. Share https://adweek.it/2yx8SIs Andrew Blustein Andrew Blustein is a programmatic reporter at Adweek. Recommended articles EDITOR'S PICKS Coronavirus Walmart Employees Are Featured in New Spot Set to Enduring Song ‘Lean on Me’ by Lisa Lacy Coronavirus Amazon Is Reportedly Delaying Prime Day Until August Due to COVID-19 by Mónica Marie Zorrilla Retail With Rent Due, Leases Don’t Give Retailers and Restaurants an Easy Out by Richard Collings Retail Everlane Workers Were Laid Off at a Busy Time—and Days After Asking for Union Recognition by Diana Pearl Coronavirus Will Event Marketers Be Prepared for the World That Awaits Them Post-Pandemic? by Ian Zelaya Cannes Lions What Marketing Will Miss by Going a Year Without Cannes by David Griner Publishers & Platforms Meet Me Under the Stars (Online): Teen Vogue Creates Virtual Prom for Students Staying Home by Sara Jerde CPG Welly’s Eric Ryan Says Coronavirus Will Alter People’s Relationship With Health Brands by Paul Hiebert View Latest News >
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