Hootsuite Inc. said it would lay off 30% of its staff as part of a global restructuring.
The Vancouver-based social media business declined to answer questions about the exact number of employees being laid off or what led to job cuts, but the most recent figures from the Financial data firm Refinitiv shows it employs about 1,000 people.
“Today has been a difficult day at Hootsuite… This sadly means we are saying goodbye to some of our people,” Hootsuite CEO Tom Keizer said in a statement.
“These people are our colleagues and friends. They are some of the best in their field, and we will do whatever we can to help them do well elsewhere.”
He added that the move will help the company once considered a darling of Canada’s technology sector to redesign itself with strategies that can make it a success. In particular, he said Hootsuite needed to refocus to drive efficiency, growth and financial sustainability.
He declined to elaborate further on the restructuring, saying, “Today, our focus is on our people, both those who leave us and those who are staying, and make sure customers Our team continues to get the support they need.”
Hootsuite’s cuts come as tech companies have conducted similar layoffs in recent weeks due to investor interest. technology stocks has faded.
Among the highest configurations are Shopify Inc. laid off 10% of its staff last month, after Wealthsimple cut 13% of its workforce.
Also in the mix is Clearcoan e-commerce investment platform run by “Dragon’s Den” star Michele Romanow, saw a 25% drop in its investor base at the end of July.
Data from Layoffs.fyi shows that 493 startups worldwide have laid off about 67,562 employees this year.
By Hootsuite Keizer has been at the helm of the company since July 2020when he replaced founder Ryan Holmes.
Under Keiser at the helm, Hootsuite acquired artificial intelligence chatbot company Heyday for $60 million in 2021.
At the time, they said they wanted to buy the Montreal-based company as the e-commerce sector is rapidly shifting to social and messaging platforms, and the acquisition would bring Hootsuite a lot of money. more opportunities to help brands enhance their customer experience.
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