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Layoffs

Grassfish adjusts organization

Vertiseit continues executing on its platform-first strategy divesting the Danish MultiQ business, which is no longer strategic, and reduces headcounts throughout the group including Grassfish. The Vertiseit Group is adapting the organization to the weakening market demand for digital signage since the beginning of the year, reducing the cost base and centralizing back office activities at the headquarters in Varberg, Sweden. 
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Grassfish Summit 2023 (Photo: invidis)
Grassfish Summit 2023 (Photo: invidis)

With the sale of MultiQ Denmark, Vertiseit is separating from the business area relating to digital passenger information solutions in buses and at stops in Denmark, Sweden and Iceland. MultiQ Denmark’s sales amount to 4.3 million euros and 1.4 million euros in recurring SaaS sales. The buyer is the British company Journeo, which is taking over the digital signage business for the equivalent of 2.3 million euros in enterprise value. The hardware-heavy transport business of MultiQ Denmark (formerly Mermaid) did not fit into Vertiseit’s strategy from the start and has been up for sale since Vertiseit took over MultiQ at the beginning of the year. Journeo is committed to using Dise’s Vertiseit CMS in the future.

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Reduction of jobs – consolidation at headquarters

As invidis learned from various sources, Grassfish continues to reorganize, restructure and reduce the number of employees after the MultiQ acquisition. The digital signage provider concentrates central activities at the company headquarters in Varberg, Sweden, and Vienna.

Reduced digital signage demand in 2023 – slight recovery in the second half of the year

According to invidis Research, demand for digital signage solutions is stagnating worldwide, and Vertiseit’s subsidiaries Grassfish and Dise are obviously also feeling this. New projects are postponed, framework agreements are called up more slowly and ongoing consulting contracts are canceled at short notice. Still, the Vertiseit group had steady license growth throughout the year 2023.

After immense growth in digital signage in 2022, consolidation is coming in 2023. For digital signage providers such as Vertiseit/Grassfish, cost control is particularly necessary in order to maintain the company’s profitability and be prepared for the coming upswing.