Ad industry insiders say one of Facebook's oldest and biggest marketing partners is selling its social business, and it's a warning sign for other ad-tech firms

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The 9-year-old firm is one of Facebook's oldest marketing partners. The firm has raised $32.9 million from investors including Avalon Ventures and Cheetah Mobile and primarily works with brands that manage their marketing and analytics in-house. Its site lists clients including Wayfair and Rue La La.

Business Insider also spoke with two former Nanigans employees, one who worked in sales and the other who worked in marketing in the past two years.

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