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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.