Event tech
platform Bizzabo laid off 120 people this week – 30 per cent of its 400 employees
– in response to what it called the ‘swift economic downturn’.
In a note to
staff, published on its website, co-founders Eran Ben-Shushan, Alon Alroy, and Boaz
Katz, said it was a difficult decision, but ‘ultimately the right one’.
US
and Israel-based Bizzabo has made several acquisitions in the last two years and
increased its headcount, as event planners shifted from in-person to virtual.
The
company raised $138 million from investors in December 2020, when it looked
like the pandemic would leave a permanent mark on the events industry.
“Like so many companies, we’ve had to
adjust our strategy to prioritize financial efficiency to continue delivering
on our mission to unleash the power of professional events to create impactful
and rewarding experiences,” the founders said.
Meanwhile
Israeli unicorn Verbit, the AI and transcription service, has laid off 60 members
of staff – 10 per cent of the total – following a period of rapid growth, according to CTech.
Verbit closed a $250m Series E at a $2bn valuation in
November of last year. In 18 months, the company acquired six companies,
increasing its workforce fivefold.
In a letter to staff, Verbit CEO and founder Tom Livne said: “…we need to navigate the
company and ensure that we are in the best position to lead it to prosperity
and continued success, while we balance between growth and profitability.”
Earlier this
year, UK-based event platform Hopin cut 12 per cent of its staff – about 138
people - after purchasing streaming service StreamYard to ‘solve overlaps and duplications’.
The company purchased five companies in 2021 alone.
Written By
James Lancaster
AMI editor James
Lancaster is a familiar face in the meetings industry and international
association community. Since joining AMI in 2010, he has gained a reputation
for asking difficult questions and getting lost in convention centres. Proofer, podcaster, and panellist - in his spare time, James likes to walk,
read, listen to music, and drink beer.
