Ad tech vendor Sharethrough to shut European operations, blames GDPR
Sharethrough is shutting its European operations. The San Francisco-based company said it is centralizing support for its U.K. and European accounts out of its North American offices. As part of the move, 11 employees in the London office will be let go.
Sharethrough CEO Dan Greenberg told Digiday its European operations were hit “severely” by the European Union’s General Data Protection Regulation last year. Other U.S. ad tech firms including Verve, Kargo and Drawbridge have also recently retreated from Europe, citing uncertainty surrounding GDPR compliance.
“While our exchange has recovered and is hitting record levels of consented supply, the political and competitive conditions in [the] U.K. have led us to decide that the best way for us to continue to operate an efficient exchange for our customers is to centralize our support to the U.S.,” Greenberg wrote in an email.
Sources told Digiday Sharethrough appointed a bank and was exploring a potential sale of the company earlier this year.
“We’ve seen tremendous growth in programmatic ‘enhanced ads’ this year and have looked at some interesting opportunities this year. We’re always exploring strategic paths for the company,” Greenberg said.
Greenberg said many of Sharethrough’s publisher clients were already managed out of the U.S. and that the broad publisher adoption of header bidding meant a centralized support model was more appropriate.
Sharethrough was founded in 2008 by Greenberg and Rob Fan, and has raised $30 million in venture backing. Its last funding round — a $10 million Series D raise — was in 2014. Sharethrough has recently looked to expand its offering beyond its native supply-side platform, this year launching an “enhanced ads” product that helps advertisers turn their existing display and video ad assets into native formats
Sharethrough competes with other native ad platforms such as Adyoulike, Nativo and Triplelift, as well as the native ad offerings from larger players such as Google and Verizon Media. After the London office closes it will have six locations, spread across North America.
In its most recently filed U.K. accounts, for the year to March 2017, Sharethrough Limited generated a turnover of £2.2 million ($2.8 million,) up 48% on the prior year. The company booked £109,300 ($140,000) in profit in the period. U.K.-specific revenue currently represents less than 5% of Sharethrough’s total revenue, Greenberg said.
Update: This story has been updated reflect Sharethrough has raised $30 million in venture backing. A previous version of the article stated the amount as $38 million.
‘Taking a bite’: Major political and news headlines are sucking up all the oxygen on Facebook
A confluence of national headlines and surging political ad spending appears to be eating into the Facebook referral traffic of several publishers.
Food52 jumps further on the streaming bandwagon with its new OTT app
First building up its long form video content on Xumo and YouTube, the food publisher is planning to display similar content on the OTT app, but will play to a new kind of audience consumption habit: binging.
‘All taking a chance on each other’: Jasper Wang on Defector Media’s collective ownership structure
A group of 18 former Deadspin employees have launched Defector Media with a much more collective ownership structure.
SponsoredIn the race to shore up revenue, publishers are overlooking deal terms
Many publishers are struggling to keep their business models afloat with cookies dying and brands tightening their ad spend in an age of pandemic and recession. To contend with unprecedented challenges, publishers have taken to implementing a wide variety of new tactics. Some are turning to alternate revenue streams, such as subscriptions and affiliate marketing. […]
Member ExclusiveBack in the fold: For many advertisers, just a commitment from Facebook to change is enough to return
Facebook has made several commitments to change the way it handles hate speech on its platform — but we've yet to see many of them in action.
Deep Dive: How media buying execs are adapting to the challenges and changes of 2020 and beyond
The coronavirus crisis has brands and the media they rely on scrambling to adapt to sweeping shifts in consumer behavior and attitudes.