‘Black Swan’: Why I’m ‘not ready to give up’ on Google
By Marcia BlackmanHarris Communications is looking for an investor to buy its business, which includes its digital media division.
The search giant announced Tuesday that it is looking to raise $50 million to help accelerate growth.
The money will be used to expand the company’s core business, according to the statement.
“The search engine has been a force for change for the better, and it’s a great opportunity for us to help the industry grow and grow into the future,” Harris Chief Executive Officer Eric Kornfeld said in a statement.
“We’re also looking to build an even stronger team and continue to focus on creating value for our partners.”
The company’s digital media and advertising business is focused on creating high-quality content for the online world, as well as social and digital marketing, advertising and analytics, according a statement from Harris.
The company said the funding will go toward hiring and training more people, as part of its transformation strategy.
The firm plans to hire about 10 people, including its chief technology officer, according the statement, which did not disclose the specifics of the job cuts.
Harris has struggled to maintain its position as the top search engine in the world, with Google taking home a record $1.3 trillion in revenue in 2016, according in a report from Quantcast.
Its digital advertising business, meanwhile, is expected to grow 11% this year, according Quantcast’s estimates.
The company said it expects its overall revenues to grow at an average of 14% annually through 2020, but has said it will continue to look for efficiencies and scale its business in the face of increasing competition.