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
Spring allergy season has begun. Where is it worse in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
'Nonsense:' Doug Ford slams lawsuits filed by Ontario school boards against social media platforms
Premier Doug Ford says that lawsuits launched by four Ontario school boards against a trio of social media platforms are “nonsense” and risk becoming a distraction to the work that really matters.
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.
N.B. man wins $64 million from Lotto 6/49
A New Brunswicker will go to bed Thursday night much richer than he was Wednesday after collecting on a winning lottery ticket he let sit on his bedroom dresser for nearly a year.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
King Charles calls for acts of friendship in first public remarks since Kate's cancer diagnosis
King Charles III gave public remarks for Maundy Thursday, addressing the importance of acts of friendship, following his and Catherine, Princess of Wales’ cancer diagnoses.
Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison
Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud that unravelled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency.
A dog and a bird formed an unlikely friendship. Their separation has infuriated followers
Peggy is a stout and muscular Staffordshire bull terrier, and Molly is a magpie, an Australian bird best known for swooping on humans during breeding season, not for befriending dogs. But in an emotional video posted online, Peggy’s owners announced that the animals had been separated.
Tipping is off the table at this Toronto restaurant
A Toronto restaurant introduced a surprising new rule that reduced the cost of a meal and raised the salaries of staff.