PubMatic, an independent technology company delivering digital advertising’s supply chain of the future, announces a significant expansion of its engineering hiring plans in India to support growth following strong Q4 2023 and full-year financial results. The company plans to reinvest a portion of its 2023 profits in an expanded engineering team, with incremental headcount planned for 2024; representing a 33% increase year over year in comparison to 2023 net new hires. With open positions in machine learning, Java, UI, data analytics, software development, and hiring from prestigious campuses in India, including the IITs, PubMatic aims to recruit top-tier talent.
PubMatic recently reported revenue of $84.6 million in Q4 2023, representing an increase of 14% YoY (vs. Q4 2022) and full-year 2023 revenue of $267 million. This substantial growth underscores the company’s ability to deliver value in an increasingly dynamic market and to invest in strategic initiatives to solidify its position further.
The company aims to enhance the efficiency of its technology platform and operations; reducing total capex in 2023 by more than 70% over 2022 through infrastructure optimisation initiatives, including capacity expansion which processed nearly 210.7 trillion impressions in 2023, an increase of 32% over 2022; software-driven infrastructure efficiency, which affects the cost of revenue per million impressions processed decreased 8% on a trailing twelve-month period, as compared to the prior period; Increased software delivery which delivered 60% more software releases in 2023, compared to 2022 driven in part using generative AI across product development and engineering.
The company anticipates an additional 15-20% increase in engineering productivity in 2024 driven by generative AI at multiple points in the software development and release process. These efficiencies, coupled with anticipated revenue growth and the company’s robust financial profile, are expected to further amplify the impact of the expanded engineering team.
“As one of the largest, independent sell side technology providers, sustained innovation has been core to PubMatic’s DNA since inception. The pioneering technology tackled by the engineering teams establishes it as the employer of choice for engineers throughout India,” Mukul Kumar, co-founder and president- engineering, PubMatic, said.
“We ended 2023 on an incredibly high note, marking an inflection point in revenue growth as we accelerated to 14% year-over-year growth and strong profitability in the fourth quarter. We believe we are at the early stages of a period of significant multi-year revenue growth,” Rajeev Goel, co-founder and CEO, PubMatic said.
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