More than 740 high-tech workers laid off in one week
Protracted supply chain problems caused by the COVID-19 pandemic and current market fluctuations, partly caused by the war in Ukraine, have led to global market instability that has shaken the Israeli business sector, causing a massive wave of layoffs across the tech industry Start-Up Nation.
This week, seven high-tech companies saw new layoffs in Israel, the latest in a string of layoffs that has totaled more than 45 individual cases in the past six months.
Telemedicine platform Antidote Health released a statement announcing 43 layoffs, more than 28% of its total workforce. The statement cited “uncertainty in the financial markets” as the main reason for the cut, and noted that Antidote is “taking action on all fronts to optimize and conserve its cash.”
“In order to adjust to the market situation, we have been forced to make changes to our workforce. The company will continue to advance its long-term vision of providing affordable and affordable health insurance to millions of Americans who do not currently have this basic freedom within reach,” the statement said.
In addition, the Calcalist report announced the dismissal of 62 employees by OrCam, a company developing devices for the visually impaired.
Cybersecurity unicorn Snyk laid off 198 employees this week after laying off 30 employees in July. In a post on the company’s website, Snyk CEO Peter McKay wrote, “Today is one of the most difficult days in Snyk’s history. During 2022, while our business continued to grow, we also saw a number of significant market shifts as a result of which we are restructuring and downsizing our global workforce, which will affect 198 employees, representing 14% of our total workforce today. day”.
“Our business continues to grow strongly, more than doubling every year and currently has over 2,300 customers, but we must now be even more efficient so that Snyk can effectively withstand the ongoing hurdles facing the global economy,” wrote McKay.
Also, 30% of the developer of the volunteer platform Vee was fired, leaving the company with only 17 employees, as well as laying off 150 people from the fintech unicorn Fundbox.
In a letter to employees, Fundbox CEO Prashant Fuloriya wrote, “As macroeconomic trends continue to affect the small business economy, we too are facing significant business hurdles. It is clear that these economic problems will last longer than we originally expected.”
Nearly 200 more employees have been laid off by cybersecurity unicorn Cybereason, double the number since June, when 100 people were made redundant.
“This is a difficult decision for us and we are doing everything we can to help employees through the process. As market conditions have changed significantly and the technology IPO market has effectively closed, companies like us need to be financially strict and prioritize financial performance over growth,” Cybereason said in a statement.
60 employees were fired from the Hewlett-Packard branch in Netanya. The company said in a statement: “There is currently no opportunity to expand HP Industrial’s operations. The company continues to innovate and create value for its customers, with a focus on encouraging the digitalization of the entire industry in a variety of ways and through cutting-edge technologies.”