FoodUS

Olo Layoffs

June 2023

Olo announced a layoff affecting 81 employees (11% of its workforce) in June 2023. The company operates in the Food sector.

People Affected

Percentage

11%

Announced Date

Jun 14, 2023

About

Restaurant technology company Olo is laying off 81 employees, representing 11% of its workforce, as part of a restructuring announced in late June 2024. The New York-based firm, which provides digital ordering and payment systems for major restaurant chains, is streamlining its operations to reduce complexity following its 2021 acquisition of Wisely and the launch of its Olo Pay product. The reorganization consolidates business units into three core segments: Order, Pay, and Engage. CEO Noah Glass described the move as a strategic evolution to focus on growth areas, particularly payments, and not a reflection on team performance. Affected employees will receive severance packages, and the company is simultaneously hiring a new chief operating officer with payments expertise to lead its product and engineering teams. This comes amid a trend of job cuts in the restaurant and tech sectors, even as Olo continues to report revenue growth despite net losses and a declining stock price since its 2021 IPO.