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
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.