Adtech specialists AudienceScience have failed to weather the loss of its biggest client, Procter & Gamble, closing its doors within a month of losing the world’s largest advertiser.
The bad news was conveyed by chief executive Bill Gossman who confirmed to AdExchanger that his business was now in the hands of receivers and whose first concern is now finding new employment opportunities for around 200 staff who now find themselves out of work.
Gossman said: “There's an amazing group of people who are absolutely expert in brand advertising that would be a huge asset to anybody in the business," he said. "If anybody would like to contact me personally, I'll make the necessary introductions."
In the immediate aftermath of P&G’s withdrawal it had been hoped that a sale of the business could have been possible but when no suitor was forthcoming its fate was sealed.
Founded 17 years ago AudienceScience established itself as a leader in programmatic advertising but its fate illustrates the pitfalls of building an over-reliance on just one client – no matter how big.
The first sign of trouble at AudienceScience emerged in january when the firm announced it would slash a quarter of its workforce.