Innovid Corp. (NYSE:CTV), a prepackaged software services provider, disclosed the departure of Chief Commercial Officer Dave Helmreich on Monday. Helmreich will leave the New York-based company after concluding his tenure at the close of business on August 30, 2024, to explore new opportunities.
The company, which is incorporated in Delaware and has its principal executive offices in New York City, is in the process of negotiating a mutual separation agreement with Helmreich. Details of the agreement will be disclosed once finalized.
Innovid expressed gratitude for Helmreich's contributions during his time with the company and stated that further updates will be provided as necessary regarding the terms of Helmreich's departure.
In other recent news, Innovid, a connected TV advertising solutions provider, has reported a solid 10% increase in revenue in Q2 2024, amounting to $38 million. The company's adjusted EBITDA also witnessed a noteworthy rise of 29% to $5.9 million, indicating an improved margin of 15.5%.
A significant 21% growth in CTV impressions, together with strategic initiatives like the Harmony project and new partnerships, have been key contributors to this growth.
Despite facing a challenging macroeconomic environment, Innovid has maintained its full-year revenue guidance. The company also anticipates revenue for Q3 2024 to be in the range of $40 million to $42 million. However, Innovid foresees continued uncertainty in the second half of 2024 due to the US election cycle.
Innovid's collaboration with Nielsen is expected to enhance cross-media ad measurement, while partnerships with Goodway Group and Vizio are also noteworthy. The company ended Q2 with a strong cash position of $30.6 million and no outstanding revolving debt, demonstrating its financial stability amidst market uncertainties.
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