PointRoll gets acquired for $20 million, to lay off nearly 100 locally - Technical.ly Philly

Business

Nov. 25, 2015 8:41 am

PointRoll gets acquired for $20 million, to lay off nearly 100 locally

That's nearly half of its local workforce, according to an employee count we got in 2014. Sizmek, the acquiring company, said a King of Prussia office will remain.
Inside PointRoll’s King of Prussia office.

Inside PointRoll's King of Prussia office.

(Courtesy photo)

Ten years after its acquisition by Gannett, PointRoll once again has new owners. It’s also laying off nearly 100 employees — roughly one-third of its workforce and half of it locally, according to an employee count we got last year.

The King of Prussia adtech company, owned by Tegna (formerly Gannett), sold to Austin-based ad-tech company Sizmek for $20 million earlier this month. That’s just a fifth of its original sale price to Gannett in 2005: $100 million. That sale was one of the biggest Philly tech business acquisitions since 2000.

The company is laying off 93 employees from their KOP office, according to a federal notice reported by PhillyMag. The layoffs will begin in January and end in June.

If you’ve been laid off, let us know. We’re working on getting together a list for our new jobs column, On the Market.

Sizmek CEO Neil Nguyen said the company will keep its KOP office open and “continue to invest in it.”

He added that “several PointRoll employees have also moved over to Sizmek offices in New York, Los Angeles and Chicago.”

Sizmek declined to provide specifics on how many employees PointRoll employed at the point of sale and how many will join Sizmek post-acquisition.

Last year, PointRoll employed 300 (and laid off 20 employees in an effort to update its tech team, according to a spokesman). The majority of its employees worked out of its 40,000 square foot KOP office, but it also had a Boston office. It’s not clear what will happen to the other employees or if a Philly office will remain.

Advertisement

Through a spokesman, PointRoll CEO Mario Diez declined to comment.

PointRoll CTO John Galvin, who joined the company last year from Exton-based Hoopla Software, and director of product management Tim O’Hare, are among the employees who are looking for their next roles, according to their LinkedIn accounts. Other execs, like VP of Product Management Rob Avery and VP of Product Joe Sullivan, left earlier in the year.

In September, PointRoll merged with the Chicago-based ShopLocal to become a Tegna brand called Cofactor. Tegna only sold PointRoll, not ShopLocal, and several Cofactor execs remain in Chicago, according to LinkedIn.

Since the 2005 Gannett acquisition, PointRoll has had four different CEOs.

Companies: PointRoll
-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Crossbeam’s Bob Moore on learning ‘your place in an ecosystem of tech partners’

How Australian email company Fastmail landed its fast-growing Philly office

IOpipe has been acquired by West Coast-based New Relic

SPONSORED

Philly

Building conference rooms for the future

Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now

Philadelphia

Vistar Media

Front End Engineer

Apply Now

Philadelphia

Inspire

Manager, People Operations

Apply Now

Exton cell and gene therapy company Fibrocell will be acquired for $63.3M

Exton-based insurance software firm iPipeline purchased for $1.6B

Aramark just bought an on-demand food delivery service app

SPONSORED

Philly

Say ‘Ahoy’ to the technical opportunities at Vanguard

Philadelphia, PA - Center City

Odessa

Customer Success Manager

Apply Now

Philadelphia

Linode

Systems Engineer

Apply Now

Philadelphia

The Philadelphia Inquirer

Interactive Developer

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!