Hotsuite to cut 30% of employees in recent tech layoffs

Hutsuite Inc. said it would lay off about 30 percent of its workforce globally.

The Vancouver-based social media business declined to answer questions about the exact number of workers laid off or the reasons for the layoffs, but the latest figures from financial data firm Refinitiv put the company at about 1,000 jobs.

“Today is a tough day at Hootsuite…which sadly means we’re saying goodbye to some of our people,” Hootsuite CEO Tom Kiser said in a statement.

“These people are our colleagues and friends. They are some of the best in their field, and we will do everything we can to help them land well elsewhere.

He added that the move will help the company, considered a darling of the Canadian tech scene, align itself with strategies that can make it successful. In particular, Hootsuite can bring efficiency, growth and financial sustainability, it should be refocused.

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Refusing to elaborate on the restructuring, he said, “Today, our focus is on our people; “It’s about those who leave and those who stay and that our customers continue to get the support they need.”

Hotsuite’s decline comes as investors’ interest in tech stocks has faded in recent weeks, following similar layoffs by tech companies.

Among the most high-profile are Shopify Inc., which cut 10 percent of its workforce last month after WealthSimple cut its workforce by 13 percent. it is.

Also in the mix is ​​Clearco, an e-commerce investment platform run by “Dragon’s Den” star Michelle Romanow, which saw its headcount drop by 25 percent at the end of July.

Data from Layoffs.fyi shows that 493 startups worldwide have laid off approximately 67,562 employees this year.

Hootsuite’s Keizer has been at the company’s helm since 2012, when he replaced founder Ryan Holmes.

During Keizer’s tenure, Hootsuite acquired artificial intelligence chatbot company Heyday for $60 million in 2021.

He said he wanted to buy the Montreal-based company because the e-commerce sector was rapidly moving toward social and messaging platforms at the time, and said the acquisition would give Hootsuite more opportunities to help brands improve their customer experience.