PubMatic makes strategic investment in engineering team expansion and AI Technology

PubMatic has announced 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 over the course of 2024; representing a 33% increase year over year vs. 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 remains committed to recruiting top-tier talent

PubMatic recently reported record revenue of $84.6M in Q4 2023, representing an increase of 14% YoY (vs. Q4 2022) and full year 2023 revenue of $267M. This substantial growth underscores the company’s ability to deliver value in an increasingly dynamic market and to invest in strategic initiatives to further solidify its position. The company also reported robust profitability and cash flow, continuing its long track record of financial strength.

A core contributor to these differentiated financial results is the company’s commitment to operational excellence. PubMatic is focused on enhancing the efficiency of its technology platform and operations; reducing total capex in 2023 by more than 70% over 2022 through infrastructure optimization initiatives, including:

Capacity expansion: processed nearly 210.7 trillion impressions in 2023, an increase of 32% over 2022;
Software-driven infrastructure efficiency: cost of revenue per million impressions processed decreased 8% on a trailing twelve-month period, as compared to the prior period;
Increased software delivery: 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 the use of 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,” said Mukul Kumar, Co-founder & President, Engineering at PubMatic. “We welcome exceptional individuals who share our vision to deliver cutting-edge solutions that address the evolving needs of the digital advertising ecosystem.”

Rajeev Goel, Co-founder and CEO at PubMatic further added, “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.”

Demonstrating its commitment to a positive workplace culture and effective people practices, PubMatic India has earned certification as a Great Place to Work® for the seventh consecutive year, as recognized by the Great Place to Work® Institute.

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