Another Kitchener-based tech company confirms layoffs
Kitchener-based education startup ApplyBoard has confirmed it's laid off six per cent of its global workforce.
The tech company says the cuts were made to its customer experience team. It declined to say for how many staff were laid off in Kitchener.
“It was a decision that we do not take lightly and our heart goes out to all of the team members impacted by the restructuring,” a spokesperson for ApplyBoard said in an email.
According to its website, ApplyBoard has more than 1,500 employees around the world.
The company was founded in 2015 by Meti, Martin, and Massi Basiri. Inspired by their own experiences, the three brothers from Iran created the platform to help international students apply for colleges and universities abroad. In 2019 it was named the fastest-growing technology company in Canada by Deloitte.
In 2020, it was became the country’s third “unicorn,” a title achieved when a privately-held startup reaches a value of $1 billion.
ApplyBoard says the recent layoffs were made based on efficiencies identified during planning.
“This decision was based solely on better serving our customers as efficiently as possible. ApplyBoard remains well capitalized with years of runway,” the company said.
“We are positioning our teams to succeed for the long-term. These conclusions and decisions came after thorough evaluation and consultation with our leaders and customers. We believe we are making the best decision for the future of our mission.”
The layoffs at ApplyBoard follow similar moves at tech companies in Waterloo region and around the world as investor exuberance around the sector fades and companies re-examine payroll costs in preparation for a potential recession.
Earlier this month Kitchener-based D2L laid off around five per cent of its staff including 16 people in Waterloo region. Last week, Communitech announced it had cut 10 per cent of its workforce.
Canadian startups -- Clearco, Hootsuite and Wealthsimple -- and global heavyweights -- Meta, Twitter, Netflix, Microsoft, Oracle and Intel -- have all made cuts in recent months.
Amazon.com Inc. began cuts two weeks ago that will reportedly slash 10,000 staff from its workforce, including several Canadians who announced their departures on LinkedIn.
Layoffs tracker Layoffs.fyi has counted layoffs at 788 companies worldwide, resulting in at least 120,699 workers losing their jobs.
With files from Canadian Press.
CTVNews.ca Top Stories
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels is on the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
BREAKING Sheldon Keefe out as head coach of Toronto Maple Leafs
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
Bank of Canada says financial system is stable, but risks remain
The Bank of Canada says the Canadian financial system is stable, but risks remain due to debt servicing costs among households and businesses and stretched valuations of financial assets.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
RateMDs violates privacy of health professionals, class-action lawsuit claims
A lawsuit against RateMDs has been given the go-ahead by a B.C. Supreme Court judge who found the claim that the website violates the privacy rights of medical professionals is not 'bound to fail.'
Boeing 737 catches fire and skids off the runway at a Senegal airport, injuring 10 people
A Boeing 737-300 plane carrying 85 people skidded off a runway at the airport in Dakar, Senegal's capital, injuring 10 people, according to the transport minister, an airline safety group and footage from a passenger that showed the aircraft on fire.
Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.