Vancouver-based social media company Hootsuite said it plans to lay off 30% of its staff as it
undertakes a restructuring.
The privately held company did not elaborate on how many staff will be impacted by the lay offs
or explain what led to the job cuts, but data from Refinitiv suggests that Hootsuite employs
about 1,000 people across Canada.
The company did say in a news release that the headcount reduction will help it to refocus,
improve efficiencies, and achieve financial sustainability.
Hootsuite is the latest in a string of Canadian technology companies to announce job cuts in
recent weeks. Shopify (SHOP) laid off 10% of its staff in July, while Wealthsimple reduced its
workforce by 13%.
In 2021, Hootsuite acquired artificial intelligence (AI) company Heyday for $60 million. Hootsuite
said it wanted to buy the Montreal-based company because the e-commerce sector was moving
into messaging platforms.
Hootsuite has also talked about holding an initial public offering (IPO) in recent years, though
the company has not yet gone public.
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