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

Antidote: On Cystic Fibrosis treatments

Antidote: On Cystic Fibrosis treatments

Recent treatments in CF, including the inhaled antibiotic Tobramycin, have increased lifespan well into adulthood.

The $3 generic and the $1,000 pill: pharma outsiders just don't get it

The $3 generic and the $1,000 pill: pharma ...

What do you call the people who treat medical breakthroughs as if they were bank heists? Malicious? Uninformed? Not with it?

Leadership Exchange Uncut : The Agency-Client Relationship

Leadership Exchange Uncut : The Agency-Client Relationship

Click the above link to access MM&M's first Leadership Exchange Uncut e-book, "The Agency-Client Relationship"