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Matomy Narrows Focus to Improve Bottom Line
Loss-making Israeli online ad targeting company Matomy Media Group has announced it will henceforth focus its resources on programmatic mobile and video advertising, and domain monetization, exiting 'a broad range of other activities'.
The company, which ' lost $ 11.7 million in 2016' according to financial news service www.fintellect.com , bought a 70% stake in Toronto-based ad targeting specialist Maven Marketing / Avenlo in 2015 and last summer launched a mobile ad agency called mtmy, using app usage and behavioural data to generate insights and target audiences across multiple channels.
It now says it will drop activities which are 'no longer core to its long-term strategy' before the end of the third quarter, incurring 'certain one-off redundancy and short-term operational costs' which should however not be 'material in the aggregate' - indeed, the measures are 'expected to reduce operational costs on a run rate basis in excess of $10 million per annum'.
CEO Sagi Niri said the company had to 'remain nimble and evolve rapidly in response to the changes in the industry' and would look to generate most of its revenue through its own proprietary technological platforms'. Non-Executive Chairman of the Board Harel Beit-On said the changes were 'painful but necessary'.
Founded in 2007, with headquarters in Tel Aviv and eleven offices around the world, Matomy is dual-listed on the London and Tel Aviv Stock Exchanges and is on the web at www.matomy.com .
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