Search

Norwich tech firm Proxama makes redundancies as it restructures business after investment

PUBLISHED: 11:34 27 July 2017 | UPDATED: 12:16 27 July 2017

Proxama chief executive John Kennedy. Picture: Nick Butcher

Proxama chief executive John Kennedy. Picture: Nick Butcher

©archant2016

The chief executive of a tech firm has reaffirmed its long-term commitment to Norwich – despite jobs being lost during a restructure.

Proxama boss John Kennedy said the AIM-listed business would be in Norwich “for the long haul” despite around six jobs being cut at its Surrey Street headquarters.

The company recently secured £3.1m of investment as it aims to change its focus from location-based marketing technology to location data provider – which will allow advertisers to see how effective their adverts are.

Mr Kennedy said: “The investment does confirm to the Norwich tech scene that Proxama is here for the long haul.

“However the move to the new data sector does mean some of the products and services we were producing are no longer needed.”

He said while the roles were not lost as a cost cutting exercise the business would have to manage resources tightly going forward.

Mr Kennedy said new roles could be created but he could not say how many at this stage.

Proxama employs around 35 at its Norwich office and also has a footprint in London and New York.

The firm floated on the London Stock Exchange in April 2008 and has a market cap of £6.83m.

Search hundreds of local jobs at Jobs24

Comments have been disabled on this article.

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Insight

The brightest stars in our business community were recognised last night as the winners of the EDP Business Awards 2017 were revealed.

Consumer borrowing is growing at 10% a year and inflation has hit 3%, meaning that the Bank of England’s decision on interest rates was the most eagerly-anticipated for years. BETHANY WHYMARK explores the potential impact on savers and borrowers.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100