Hootsuite lays off practically a 3rd of its workforce as CEO tries to ‘refocus’ – TechCrunch

Social media advertising and marketing agency Hootsuite says it has slashed its workforce by 30%.

“We have to refocus our methods to drive effectivity, progress and monetary sustainability,” CEO Tom Keiser stated in an announcement despatched to TechCrunch. The corporate supplied no specifics on what precisely is altering in regards to the enterprise. It didn’t disclose the precise variety of staff affected, nor wouldn’t it say in the event that they obtained any severance.

Nonetheless, a June report from the Globe and Mail pegged the Vancouver-based firm’s headcount at greater than 1,400, suggesting that round 400 folks have been hit by the job cuts — the most recent in a brutal wave of tech layoffs.

Almost a month in the past, Hootsuite rolled out a rebrand for its emblem and owl mascot, Owly. (To not be confused with the opposite tech owl, Duo).

The social media agency has raised greater than $300 million in capital to this point, per PitchBook, and its backers embody Constancy and Accel, the Palo Alto–based mostly VC.

Hootsuite was rumored to be price round $1 billion again in 2014, but when Pitchbook knowledge is something to go by, Hootsuite was price a couple of quarter of a billion lower than that determine in 2019. That yr, the corporate laid off 10% of its employees amid stories that it had did not promote itself.