Chango
acquired by Rubicon Project3 known investors
Magnite operates an independent sell-side advertising technology platform that connects media owners with advertisers, with a focus on programmatic supply and connected/streaming TV (CTV). It provides publishers with tools and direct integrations to monetize inventory across CTV and other digital formats at global scale.
Also known as Chango, Inc.
Investors Β· 3
Also in the syndicate Β· 2
Company profile
researched Aug 2026Chango, Inc. was a Canadian online marketing company founded in 2008 in Toronto that focused on search retargeting and programmatic marketing. Its platform served display advertisements to internet users based on their recent search activity, combining search query data with behavioral, contextual and advertiser data so brands could target ads more precisely. Chango obtained browser cookie data from data exchanges, toolbar companies and vertical comparison shopping sites, matched that data against a user's cookie when the user encountered Chango-served inventory, and delivered a corresponding display ad. Media was bought through a demand-side platform operating across multiple ad exchanges and networks, including AppNexus, Rubicon and DoubleClick.
The company later combined data management platform and demand-side platform capabilities in a single programmatic marketing product and, in December 2012, integrated directly with Facebook to apply search intent data to social media targeting. Chango was a member of the Network Advertising Initiative, offered consumer opt-out for its search retargeting campaigns, and stated that it did not capture personally identifiable information. It grew to roughly 175 employees across North America and Europe.
Chango was acquired by Rubicon Project in April 2015 in a deal valued at $122 million, and was integrated in part as Rubicon Project's intent marketing division. In January 2017 Rubicon Project disclosed in an SEC filing that it was shutting down that intent marketing business after it failed to meet performance expectations, transferring clients and interested sales staff to digital marketing platform IgnitionOne and closing the Toronto office.
Founding story
Chango was founded in Toronto in 2008 by Chris Sukornyk together with Mazdak Rezvan and Dax Hamman. Sukornyk, who served as founder and CEO, was a serial entrepreneur whose earlier ventures included the X-Stream Network (a European free ISP sold to LibertySurf for $75 million), photo-sharing site Bubbleshare (sold to Kaboose) and green shopping site FiveLimes (sold to Avid Life Media). The company launched its search retargeting ad platform in private beta around mid-2010, initially selecting the advertisers it worked with before opening a self-serve option.
Business model
Chango sold programmatic display advertising to marketers, buying inventory through its demand-side platform across multiple ad exchanges and networks and targeting it using search intent and audience data. Its platform combined DMP and DSP capabilities for advertiser campaigns.
Traction
Chango scaled to about 175 employees across North America and Europe, worked with 75 of the top 500 internet retailers by Q1 2013, and was ranked first in Deloitte's 2014 Canadian Technology Fast 50 with a 69,800% growth rate. It was widely reported as a possible IPO candidate before its sale.
Latest developments
In January 2017 Rubicon Project announced in an SEC filing that it was shutting down the intent marketing division built from the Chango acquisition, entering a partnership under which IgnitionOne would take on its intent marketing clients and any sales staff who chose to move, and closing the Toronto office. Rubicon Project expected non-cash pre-tax charges of $8 million to $11 million plus about $500,000 in cash severance costs. Founder Chris Sukornyk subsequently joined Mantella Venture Partners as a venture partner.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Chango was an early entrant in search retargeting, distinguishing itself from site-visit retargeters such as Criteo. Rubicon Project's CEO characterized the acquisition as access to roughly $35 billion of intent-marketing spend. The intent marketing business generated approximately $41 million in GAAP revenue in 2016 before being closed.
Unlike retargeters that served ads based on prior visits to a specific website, Chango targeted display advertising based on users' past search queries, extending search-marketing techniques into display inventory.
Technology
Chango's system acquired commercially available browser cookie data from data exchanges, toolbar providers and vertical comparison shopping sites, capturing search referral terms associated with anonymous cookies. When a user appeared on inventory served by Chango, the platform matched the browser cookie to known search history and delivered a relevant display ad. It also retargeted display advertising to users matching specific campaign criteria and blended search query signals with behavioral, contextual and advertiser data.
Go-to-market
Brand marketers, retailers and search marketers seeking display reach; by the first quarter of 2013 the company reported working with 75 of the top 500 internet retailers.
Geography
Headquartered in Toronto, Ontario, Canada, with employees across North America and Europe. The Toronto office was closed by Rubicon Project in 2017.
History
After its 2008 founding, Chango raised an initial $750,000 tranche of Series A funding from iNovia Capital and Extreme Venture Partners in November 2009, closing a $1.4 million Series A in June 2010 with Metamorphic Ventures and angel investor Geoff Judge. A $4.25 million Series B followed in February 2011 and a third round of $12 million closed in November 2012. The company expanded its leadership team in 2012, appointing Paul McIntyre to lead its Platform Solutions group and hiring Keith Lorizio as chief revenue officer. In 2014 Deloitte ranked Chango first overall in its Canadian Technology Fast 50 program with a reported growth rate of 69,800%. Rubicon Project acquired Chango in April 2015 for $122 million and ran it as an intent marketing division; that division was closed in January 2017.
Risks & controversies
The business relied on the purchase and matching of browser cookie data tied to users' search activity; the company said it did not capture personally identifiable information and offered opt-out through its Network Advertising Initiative membership. After acquisition, the intent marketing unit underperformed β Rubicon Project CEO Frank Addante said the deal "didn't work out exactly how we expected" β and the division was closed in 2017 with associated write-downs and staff departures.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 7
launches, deals, and filingsIn an SEC filing, Rubicon Project said it was closing the intent marketing business created from the Chango acquisition after performance did not meet expectations, partnering with IgnitionOne to take on clients and willing sales staff, and closing its Toronto office. The company expected $8-11 million in non-cash pre-tax charges and about $500,000 in cash severance.
Rubicon Project, later renamed Magnite, acquired Toronto-based programmatic and intent marketing company Chango. Mergr records the deal date as April 27, 2015 with a value of $122 million; BetaKit reports the price as CAD $162 million / USD $122 million.
$122M source β
Chango was recognized in Deloitte's 2014 Technology Fast 50 program, ranking first overall in Canada with a growth rate of 69,800%.
Chango integrated directly with Facebook to bring search intent data to social media targeting.
Founder and CEO Chris Sukornyk said the company had launched in private beta, selecting which advertisers it worked with, with a self-serve option planned.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 8
primary sources listed
- Changomagnite.com Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Chango do?
- Chango was a Toronto-based search retargeting and programmatic marketing company acquired by Rubicon Project in 2015 and shut down in 2017.
- Who are Chango's investors?
- Chango's investors include Mantella Venture Partners.