Verbit Layoffs
July 2022
Verbit announced a layoff affecting 80 employees (10% of its workforce) in July 2022. The company operates in the Data sector.
80
10%
Jul 5, 2022
About
Israeli AI transcription unicorn Verbit is laying off approximately 80 employees, representing 10% of its workforce, as part of an organizational restructuring aimed at accelerating its path to profitability. The layoffs, announced in July 2022, will affect mostly U.S.-based staff, with 30 employees in Israel also departing. This move comes just eight months after the company secured a $250 million funding round at a $2 billion valuation. CEO Tom Livne cited the need to adapt after a period of "hypergrowth," which included a fivefold increase in staff and six acquisitions over 18 months. The restructuring into business divisions is intended to eliminate redundancies from those acquisitions while positioning the company, which had reached $100 million in annual recurring revenue, for continued growth and future acquisitions in the competitive tech and accessibility industry.
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