The company got severely hit by supply path optimization and it's lack to innovate. Even before that, some changes weren't executed well enough and started driving talent away. Now a lack of great leadership is surfacing even more in a time, where clear guidance about the path forward would be required.
It's rather telling that people in lower, non management ranks (engineers, account managers...) were axed not by looking at their performance, but by removing the most experienced and better payed ones. At the same time, some (probably no loner needed) management positions were left untouched. That step removed a few people, who were previously recognized for outstanding contributions to the companies success and might have been well equipped to master the coming storm. This creates a place with too many chieftains and not enough Indians to do the work.
In well lead organizations the leadership recognizes the need for clear directions in times of uncertainty. Unfortunately, it's nothing to be found inside the company though. This has led to more people realizing that a brighter future waits elsewhere and isn't hidden behind the clouds of the companies new cooperation with Google. As a result, many of the great people the company once had are gone by now and I'd advise the few ones remaining to soon follow their example.
Parts of the current ad tech dilemma are well described in a Youtube video "problematic IO" by Luma Partners (an M&A firm with profound sector knowledge). There is definitely more consolidation coming to ad tech and particularly the SSP side. If you like to enjoy a future there then look at other companies which still continue to innovate and drive towards the future rather than being reactive.
From a personal development perspective I'd advise not to join a venture, which isn't able to use it's in house talent well and rather releases it to the market than using it to drive badly needed innovation.
