Adtech outfit Adform has confirmed it has made a significant number of redundancies with the exits understood to be across a number of departments in 15 territories, in what is the latest in a series of staff cuts in the fast-evolving sub-sector of the advertising industry.

The cutbacks are to take place across 15 markets worldwide

The Denmark-based company has cut back on approximately 8% of its total headcount (thought to affect just under 70 people) with exits understood to have taken place across various tiers of the company, including a number of senior executives.

Adform, which has raised over $27.5m and displayed global ambitions with recent office openings in the US and APAC, is to make the cut backs across 15 markets, with the company understood to be centralising much of its operations into its hub located in Vilnius, Lithuania.

Adform, which provides adtech to both the buy and sell-side of the media industry, made its most significant funding round – a sum of $22m – a little over 12 months ago with the company making a series of significant hires since then. Included in the high-profile signings was the former European leadership duo of Rubicon Project in the form of Jay Stevens and Oli Whitten, who both now hold C-level roles at the company. Neither Stevens nor Whitten are among those exiting Adform at this time.

Speaking with The Drum, Jay Stevens, Adform’s chief revenue officer, said the measures were geared towards continuing to grow the company in a more efficient manner as well as being more judicious in how invested.

He added: “As Adform has taken little outside investment and bootstrapped its expansion over the last decade, this rightsizing exercise maintains its ethos of fiscal prudence and gives the company a solid financial position. The company remains deeply committed to realizing the vision of its enterprise-class full stack offering (ad server/DSP/DMP) and to providing the superior level of client service that is its hallmark.”

The measures are the latest in a series of cutbacks in the adtech, or programmatic, sector with significant cutbacks announced at publicly-listed outfits such as Rubicon Project and Rocket Fuel, as well as privately-owned outfits like Audience Science and AppNexus, and Telemetry which shut its doors at the close of 2016.

Elsewhere in the sector MediaMath has also announced a significant restructure of the business, but it was able to do so without any layoffs.