Sermo exits financial services

Share this article:
Sermo has nixed its financial services offering, cutting headcount sharply as a result, and is doubling down on its pharma business.

Xconomy reported in December that Sermo laid off 30—nearly half of its staff. CEO Daniel Palestrant did not affirm that number but confirmed layoffs.  

“When we looked at where the growth was, we decided pharmas are adapting quicker than financial services and are obviously a bigger market. We took a headcount reduction rather than accept more money,” he said.
Growth in the startup's pharma roster has enabled Sermo to add back some staff. He said the firm will reach profitability in 2010.
Share this article:
close

Next Article in Features

Email Newsletters

More in Features

Read the complete April 2014 Digital Edition

Read the complete April 2014 Digital Edition

Click the above link to access the complete Digital Edition of the April 2014 issue of MM&M, with all text, charts and pictures.

Antidote: Are e-cigarettes safe?

Antidote: Are e-cigarettes safe?

The pros and cons of e-cigarettes

Combating concept churn

Combating concept churn

There's no cure. But the good news is that prophylaxis is possible.