Symphony’s mission is to enable brands to connect and sell to their customers wherever they may be in the digital world. The need for Commerce as a Service has never been greater as commerce is becoming increasingly distributed and Amazon and other major retailers are aggressively launching private label product lines.
When I arrived in January 2017, Symphony was serving the small, mid and enterprise markets. We have also provided a host of professional services to support our technology platform. As the team and I reviewed our strategy, it became clear that our major growth driver has been mid and enterprise brands in the CPG, Fashion & Apparel, and Durables markets. We also concluded that our long-term competitive advantage is our technology platform, rather than the day-to-day operational services that surround it.
We have decided to focus our business entirely on those markets and our key differentiators. As a result, we are decreasing our professional services offerings and investing our resources into the core SaaS platform. To enable Symphony to fully focus on this target market, we will be exiting the small business market. We anticipate that, over time, our platform will diverge from supporting the needs of SMB brands, so we will not be pursuing any new SMB customers.
For our existing SMB customers, there will be no immediate change to their service. One of our corporate values is to “treat brands as partners.” Staying true to that value, we will partner with each of our customers to create a plan for how we will navigate this change together.
We will also be restructuring our team to focus on larger customers, which results in the elimination of 18 full-time positions. This was a very difficult decision. It’s painful to say goodbye to some of our team. We will miss each of these teammates who have helped us grow into the company we are today. We are thankful for their many contributions to Symphony.
Throughout this process, I have been humbled by the support of our outstanding team of investors, partners, customers, and teammates who have been and will be a critical part of Symphony’s ability to deliver value for its customers. We look forward to continued partnership as we enable brands to connect and sell to their customers wherever they may be in the digital world.
Ken and the Symphony Team