Layoff Events

Merative, the healthcare data and analytics company formerly known as IBM Watson Health, is laying off an estimated 200 employees, representing about 10 percent of its roughly 2,000-person workforce, as reported in February 2023. The layoffs are part of the company's strategic realignment following its acquisition by Francisco Partners. According to sources, the job cuts are associated with shifting roles offshore to reduce costs, with affected employees, including some over the age of 40, receiving three months of severance. This move continues a trend of restructuring within the health tech industry, as Merative focuses on its core product lines for long-term growth.

Berlin-based football media startup OneFootball has laid off approximately 150 employees, reducing its global workforce from 470 to 320. This represents a cut of about 32% and marks the second round of layoffs in a few months, following over 60 dismissals in December 2022. Founder Lucas von Cranach attributed the cuts to overambitious expansion, particularly into a blockchain-based digital collectibles project, which diverted focus and resources from cost control and core strategy. Despite reaching "unicorn" status with a billion-dollar valuation in 2022 and serving over 130 million monthly users, the company is now refocusing on its primary business. The layoffs occurred in late February 2023.

On February 23, 2023, StrongDM, a cybersecurity company specializing in Universal Privileged Access Authorization (UPAA), laid off 40 employees. The layoffs were a result of strategic growth missteps and the need to refocus the company's product and revenue strategy amid broader economic challenges affecting the tech sector. CEO Tim Prendergast stated that cost optimizations, including vendor reviews, were insufficient, as employee compensation was the largest expense, necessitating a team restructuring. The company, which serves clients ranging from Fortune 100 companies to startups, is focusing on its long-term plan to revolutionize traditional Privileged Access Management (PAM).

Vibrent Health representing approximately 13% of its workforce on 2023-02-23.

Online fashion retailer The Iconic has laid off 69 employees, representing 6% of its workforce, as part of a broader restructuring announced in February 2023. The cuts, all at the head office level, are part of the company's shift to transform into a platform business model, which involves streamlining operations and rescoping roles. Some affected staff may be redeployed within the business. The Sydney-based e-commerce company, part of the Global Fashion Group, aims to enhance its marketplace and fulfillment services while continuing to serve over 2.2 million customers in Australia and New Zealand.

Crypto intelligence firm Messari laid off 15% of its global workforce in February 2023 as part of a restructuring effort to navigate challenging market conditions. The company, led by CEO Ryan Selkis, cited market headwinds in the broader crypto and tech sectors as the reason for this difficult decision, which followed a $35 million Series B funding round the previous year. Messari stated the move was a long-term realignment to better serve customer data needs and that it still planned to hire for open roles. This made Messari another prominent crypto company, alongside firms like Coinbase and Polygon Labs, implementing job cuts during the ongoing crypto winter.

Locomation representing approximately 100% of its workforce on 2023-02-22.

Arch Oncology on 2023-02-22.

Australian crypto gaming startup Immutable laid off 11% of its workforce in an internal announcement. The company, valued at $3.5 billion last year, cited a need to extend its cash reserves and focus resources on key projects, despite having $280 million in cash. This move follows a reported annual loss and is part of a broader trend of staff cuts in the tech startup sector, influenced by investor caution and a turbulent crypto market.

Jounce Therapeutics, a clinical-stage biotechnology company focused on cancer immunotherapies, announced a significant restructuring on February 22, 2023, reducing its workforce by approximately 57 percent. This difficult decision stems from the company's assessment that its key clinical programs, JTX-8064 and vopratelimab, require more funding and a broader scope than Jounce can pursue independently. While data from the SELECT and INNATE trials showed promise, it was not sufficient for the company to advance the programs alone. Jounce will now seek business development opportunities to potentially continue this work. The restructuring, to be substantially completed by March 31, 2023, will result in a non-recurring charge of about $11.2 million.

TaskUs, a business process outsourcing (BPO) company, has laid off approximately 3% of its global workforce, affecting around 300 employees out of a total of about 10,000. The layoffs, which occurred in early 2023, are part of a strategic restructuring effort to improve operational efficiency and align resources with evolving client demands in the competitive technology and customer service support industry. As a publicly traded company, TaskUs aims to streamline its operations amidst shifting market conditions.

Synamedia, a global video software provider, has laid off approximately 200 employees, representing 12% of its workforce. This round of cuts, announced in February 2023, marks the company's second restructuring in recent months, following a smaller layoff the previous November. The company cited economic headwinds and a need to align its product strategies with evolving video market demands as reasons for the reduction. While affecting global operations, the layoffs include dozens from its Israel headquarters, though Synamedia emphasized that its Israeli hub remains a key center for innovation and security. The company, which serves major broadcasters and content providers, is navigating a challenging tech landscape with these workforce adjustments.

Basis Technologies, a provider of cloud-based workflow automation and business intelligence for the ad-tech industry, laid off approximately 40 employees, representing about 4% of its workforce, in a restructuring move around early February 2023. The layoffs primarily affected sales and service groups, including several senior team members. The company, which recently integrated programmatic guaranteed buying into its platform, cited restructuring as the reason, reflecting broader challenges in the technology and advertising sectors.

Crunchyroll laid off 85 employees on 2023-02-21.

Ethos Life laid off 50 employees on 2023-02-21.

Polygon, an Ethereum Layer-2 scaling startup in the blockchain industry, has laid off approximately 100 employees, representing 20% of its workforce, as part of a consolidation process. The Mumbai-based company, which consolidated multiple business units under Polygon Labs earlier this year, announced the restructuring in February 2023 amid the ongoing "crypto winter." Despite raising $450 million in funding nearly a year prior and maintaining a healthy treasury, the company made this move to streamline operations and crystallize its strategy for the next five years. The affected employees will receive three months of severance pay. This decision reflects broader challenges in the startup ecosystem, where many Indian companies have similarly reduced staff due to funding constraints.

In February 2023, Seoul-based agritech startup Green Labs laid off approximately 350 employees, representing about 70% of its workforce, as part of a major restructuring. This reduced its headcount to 150 people. The layoffs were driven by a severe cash crunch after the company overextended its expansion. A key factor was the suspension of its accounts receivable factoring financing by lender Lotte Card, following a freeze in South Korea's bond market. This forced Green Labs to repay large loans abruptly. Just a month after the layoffs, in March 2023, the company secured $38.4 million in debt financing from existing investors to support its revival efforts.

In February 2023, ride-hailing platform Bolt laid off 17 employees from its Nigerian operations as part of a restructuring effort to improve operational processes in the country. This reduction affected 24% of its 70-person workforce in Nigeria, primarily impacting junior and mid-senior staff. The layoffs occurred despite Bolt's recent announcement of global hiring plans and a significant investment initiative in Africa. Affected employees received severance packages based on tenure, along with additional support such as extended health insurance and career coaching. This move highlights the strategic adjustments within the competitive ride-hailing industry, even as the company, valued at $8.4 billion, continues to expand its global footprint.

Zalando on 2023-02-21.

PeerStreet on 2023-02-21.

Criteo, a France-founded ad tech company with over 3,100 employees, conducted layoffs in mid-February 2023, affecting teams on both sides of the Atlantic. While exact numbers are unconfirmed, social media posts suggest the cuts could impact up to 8% of the workforce, which would amount to approximately 250 employees. The layoffs come amid a challenging economic climate and a 14% year-over-year revenue dip in Q4 2022, as the company attempts to transition from its historic ad retargeting business to reposition itself as a retail media outlet. Speculation indicates these cuts may also serve as a prelude to a potential sale, with companies like Shopify and The Trade Desk rumored as interested buyers.

Kinde laid off 8 employees representing approximately 28% of its workforce on 2023-02-20.

Digital assets infrastructure unicorn Fireblocks is laying off 30 employees, representing 5% of its workforce, as part of a small restructuring to optimize for its next wave of growth. The company, which had raised $550 million at an $8 billion valuation in early 2022, announced the layoffs in February 2023. This marks its first workforce reduction since the tech downturn began. Despite the challenging crypto market, Fireblocks had recently reported surpassing $100 million in annual recurring revenue. The layoffs, affecting about half of its Israeli staff, are intended to better position the company to serve new verticals and meet business objectives in the coming year.

Bengaluru-based community and security management startup MyGate has laid off 30% of its workforce, approximately 200 employees, reducing its team from 600 to 400. This recent round of job cuts, affecting mid-management and junior roles, follows a similar reduction in December 2022. The layoffs are attributed to the ongoing funding winter and macroeconomic pressures, a trend impacting many Indian startups and global tech giants. MyGate, founded in 2016 and backed by investors like Tiger Global, provides security solutions for residential complexes. The company offered a two-month severance to some affected employees, while others received no package.

In February 2023, the direct-to-consumer and retail meat brand Fipola ceased all operations, entering a liquidation process to clear outstanding dues. The company, which had previously announced aggressive expansion plans aiming for 250 outlets across India by 2023-24 and had appointed actor Nayanthara as brand ambassador in August 2022, was forced to shut down. Founder and Managing Director Sushil Kanugolu cited an inability to raise necessary funds due to unfavorable market conditions as the primary reason. This followed months of speculation and complaints from unpaid vendors and some staff in late 2022. The closure affected its 48 stores across several South Indian cities and its online services, marking a significant shutdown in the D2C retail meat industry.

HP is laying off approximately 100 employees in Israel as part of broader workforce reductions, impacting its local workforce of about 2,600. The layoffs, announced in February 2023, primarily affect HP Indigo, the company's largest division in Israel focused on digital printing press manufacturing, with additional cuts in marketing and local headquarters operations. This move reflects ongoing adjustments within the technology and printing industry, as HP, a global tech giant, streamlines its operations amid market challenges.

Chipper Cash laid off 100 employees representing approximately 33% of its workforce on 2023-02-17.

In February 2023, Evernote, the note-taking and task management app, laid off 129 employees following its acquisition by Milan-based app developer Bending Spoons. The layoffs, which occurred on February 17, affected a wide range of teams including product design, engineering, HR, sales, customer service, and marketing. A company spokesperson stated the decision was difficult but necessary, citing Evernote's long-term unprofitability as unsustainable. This move appears aimed at restructuring the company for profitability under its new corporate parent, despite Bending Spoons' own strong financial position, including a recent $340 million funding round. The layoffs reflect ongoing challenges for Evernote in a competitive market against rivals like Notion.

Micron Technology, a major semiconductor manufacturer based in Boise, Idaho, announced in February 2023 that it expects to cut its global workforce by approximately 15%, exceeding its initial December 2022 announcement of a 10% reduction. This adjustment, affecting a company with about 48,000 employees, is a response to a severe market downturn and weakened demand for its DRAM and NAND memory products. The layoffs are part of broader cost-cutting measures, including reduced capital expenditures and executive pay cuts, aimed at aligning the company's operations with challenging 2023 market conditions. The exact number of layoffs at its Idaho headquarters remains unspecified.

Based on the provided content, there is no information about a layoff event at a company named "Reserve." The text appears to be a generic sign-up or login interface for LinkedIn, containing no news, article content, or details about any company's workforce changes. Therefore, it is not possible to generate a summary of a layoff event from this material.

Tencent, Asia's largest internet company, is making personnel adjustments in its extended reality (XR) unit, affecting over 300 employees, following a change in its hardware development plans. While denying reports of disbanding the business entirely, the company confirmed on February 22, 2023, that it is restructuring some teams, offering affected staff two months to seek new opportunities internally or externally. This move marks a shift for Tencent, which had ventured into hardware with the XR unit in June 2022 as part of its metaverse strategy, amidst broader industry challenges in the tech sector.

Digimarc on 2023-02-17.

In February 2023, Seattle-based digital freight network Convoy announced another round of layoffs and the closure of its Atlanta office as part of a restructuring, marking the third workforce reduction in less than a year. While the exact number of affected employees was not disclosed, the cuts are tied to the company's shift toward an automated customer service model, which CEO Dan Lewis stated changes staffing needs. This move follows previous layoffs in June 2022, when Convoy cut 7% of its workforce, and again in October 2022. The company, which operates in the transportation and logistics technology industry and was valued at $3.8 billion in 2022, aims to streamline operations and enhance its shipper experience through increased automation.

Smartsheet laid off 85 employees representing approximately 3% of its workforce on 2023-02-16.

Pico Interactive laid off 400 employees representing approximately 20% of its workforce on 2023-02-16.

The RealReal laid off 230 employees representing approximately 7% of its workforce on 2023-02-16.

DocuSign, the e-signature software company, announced a new round of layoffs on Thursday, planning to cut around 10% of its workforce, which equates to approximately 700 employees. This follows a previous reduction of 9% last September. The company, which had about 7,461 employees in early 2022, stated the cuts are intended to support its growth, scale, and profitability goals, with the restructuring mainly affecting its worldwide field organization. This move is part of a broader trend in the tech industry, where companies are reducing costs amid economic concerns like rising interest rates and slowing demand. DocuSign expects to incur an impairment charge of $25 million to $35 million and aims to complete the restructuring by the end of the second quarter.

Tackle representing approximately 15% of its workforce on 2023-02-15.

Betterment, a digital wealth management firm and robo-advisor, laid off 28 employees on February 15, 2023, citing rising operating costs due to record inflation and ongoing market volatility. The layoffs affected roles across marketing, sales, and engineering. Based on a previous report from August 2022 stating the company had 450 employees, this reduction represents approximately 6% of its workforce. CEO Sarah Levy noted that the firm had already tightened spending and slowed hiring in 2022, but further cuts were necessary. Betterment, which manages $32 billion in assets for 775,000 customers, is also closing its small Philadelphia office and sub-leasing space in its New York headquarters. The move reflects broader economic challenges impacting the finance and technology sectors.

DigitalOcean, a cloud infrastructure provider, laid off approximately 200 employees on February 15, 2023, representing about 11 percent of its workforce. The company, which reported over $152 million in revenue for Q3 2022, cited a restructuring effort aimed at streamlining operations and reducing costs. This move includes a management reorganization and a shift toward hiring in lower-cost regions like Pakistan and Mexico to prioritize global talent acquisition. Despite the layoffs, DigitalOcean emphasized its goal to avoid further reductions, focusing instead on stabilizing its business. The tech industry has seen similar cuts as companies adjust to economic pressures, with DigitalOcean's stock price rising 7 percent on the day of the announcement, reflecting investor optimism about cost-saving measures.

Wix, the Israeli-founded website building company, laid off 370 employees on February 15, 2023, representing over 6% of its then workforce of approximately 5,700. This marked a second round of cuts within six months, following 100 layoffs the previous September. The latest reductions primarily affected customer care departments in the U.S., leading to the closure of some service sites. The move is part of a broader $150 million cost-cutting plan, driven by operational difficulties and pressure from an activist investor, as the company adjusts after a period of rapid expansion during the pandemic.

Religion of Sports on 2023-02-15.

On February 15, 2023, Brazilian digital bank Neon conducted a mass layoff, affecting approximately 210 employees, which represents about 9% of its total workforce. The cuts primarily targeted the technology, product, and agile project teams across all seniority levels. This move comes about a year after Neon achieved unicorn status with a $300 million funding round. The fintech cited necessary adjustments to face macroeconomic challenges and a reprioritization of initiatives as reasons for the layoffs, aligning with a broader trend of workforce reductions in the startup and digital banking sector.

Australian rapid grocery delivery startup Milkrun laid off approximately 20% of its workforce, affecting around 40 employees based on an estimated total of 200 staff. The cuts, announced internally by CEO Dany Milham on Wednesday, are part of a restructuring to extend the company's cash reserves amid challenging economic conditions. Milkrun is also consolidating several of its delivery hubs, though it will continue serving all current markets. The move follows a period of significant losses, with reports indicating the company was losing money on orders last year, and comes as rising interest rates make investors more cautious about cash-burning startups. The company stated these changes would secure its financial runway for over 12 months, with average order values reportedly doubling to more than $50.

ServiceTitan laid off 221 employees representing approximately 8% of its workforce on 2023-02-15.

Divvy Homes, a San Francisco-based rent-to-own startup in the real estate technology industry, conducted another round of layoffs on February 15, 2023, affecting high-ranking employees such as the head of growth marketing, IT manager, and senior product manager. This follows a previous layoff in September 2022, where about 40 employees, or 12% of the workforce, were cut due to worsening economic conditions. The company, which had raised significant funding and was valued at $2 billion in 2021, cited ongoing macroeconomic challenges and the need to adjust headcount for the volatile environment. The layoffs reflect broader struggles in the startup sector amid a tightening market.

In February 2023, customer experience software company Sprinklr conducted a workforce reduction, laying off approximately 4% of its global employees, which amounted to over 100 people. This decision was part of a strategic realignment in response to the broader economic slowdown, as the company shifted from a capacity-driven to a productivity-driven business model. The layoffs, initiated in early February, affected staff in key regions including the United States and India, but did not involve any C-level executives. Sprinklr, a New York-based enterprise firm, had reported a total workforce of 3,245 employees as of January 2022. The move aimed to streamline operations and focus on profitable growth amid market uncertainties that were pressuring client spending on marketing and social media management services.

SurveyMonkey, a prominent online survey and forms company in the SaaS industry, conducted a workforce reduction in early 2023, laying off approximately 11% of its employees. This decision, which affected around 100 staff members from a total of roughly 900, was part of a broader restructuring effort to streamline operations and improve profitability amid challenging economic conditions. The layoffs reflect the company's strategic adjustments to navigate market pressures and align its resources with key business priorities.

Jellysmack laid off 208 employees on 2023-02-15.

Vicarious Surgical, a medical technology startup developing a robotic surgery system to compete with Intuitive Surgical's da Vinci, announced layoffs on February 15, 2023, as part of cost-cutting measures to extend its financial runway. The company is reducing its workforce by 14%, affecting approximately 23 employees out of a total of 165, primarily in sales, marketing, and administrative roles. This decision aims to conserve cash, providing the company with an estimated two years of operating funds, while simultaneously increasing investment in research and development to accelerate product development. The layoffs reflect broader challenges in the medtech sector and the competitive pressures faced by smaller companies like Vicarious Surgical as they navigate the costly process of bringing innovative surgical robots to market.