Marin Software plans to shut down after years of decline
Online advertising platform Marin Software announced plans today to dissolve the company, subject to shareholder approval. Marin’s board of directors approved a formal Plan of Dissolution and Liquidation.
The San Francisco-based software provider, founded 19 years ago (in April 2006), was once a leading search and social marketing platform.
Why we care. Marin was one of the first companies to offer a cross-channel ad management platform to help advertisers optimize campaigns. However, Marin struggled in recent years with declining revenue and customer churn. In Q3 2024, Marin reduced its headcount by 26% to cut costs.
What’s next. If shareholders vote in favor of the plan at a special meeting later this quarter, Marin will:
- Wind down operations in an “orderly” fashion.
- Delist from Nasdaq.
- Resolve debts and liabilities.
- Attempt to sell any remaining assets.
- Distribute net proceeds to shareholders.
- Begin the formal shutdown process under Delaware law.
What they’re saying. CEO and founder Christopher Lien thanked customers, partners, and staff in a press release:
- “On behalf of Marin Software, I want to thank our customers, partners, team members, and stockholders for their support over the years.”
Zoom out. Founded in 2006, Marin was once a leader in the search marketing software category.
- The company reported revenue of $36 million in 2011 and $50 million in 2012.
- The company filed for its IPO and went public in 2013. Marin raised about $105 million and traded under the ticker MRIN.
- At its peak, Marin Software had a market cap of more than $500 million.
- Since 2016, the company posted consistent annual losses and declining revenues.
- By late 2024, Marin’s market cap fell below $10 million and its shares were trading under $1, putting it at risk of Nasdaq delisting.