More layoffs are on the way as dozens of firms in the Israeli high-tech sector trim their staffs and tighten their belts. This week’s sacrificial lambs came from the following companies:
Fintech giant Finastra announced this week that it will lay off dozens of employees from its Israeli division.
Finastra – which employs more than 111,000 people globally — had 370 workers in Israel before the announcement.
The company’s products – which include the Israeli-developed Global PAYplus system – are used by 8,600 institutions around the world, including 90 of the world’s top 100 banks, according to CTech.
US chipmaker Qualcomm, which last year acquired the Israeli Cellwize startup, has also announced layoffs.
Of the 700 employees at the company’s Israeli R&D centers in Haifa and Hod Hasharon, dozens are set to lose their jobs next month.
Qualcomm employs around 12,500 people around the world. Last year the company laid off 153 workers at its San Diego offices.
The gambling group “888” announced this week that of its 590 Israeli employees, dozens received layoff notices.
Headquartered in Gibraltar, 888 was founded in 1997 by brothers Avi and Aaron Shaked and brothers Shay and Ron Ben-Yitzhak.
The company, which merged with William Hill in September 2021, employs around 12,000 people worldwide.
Israeli-founded video advertising firm “Innovid” announced earlier this week that it will lay off around 10 percent of its workforce, some 40 employees.
The company, founded in 2007 by CEO Zvika Netter, CTO Tal Chalozin and Zack Zigdon (MD International), has offices in Israel, India, the United States, the UK and Australia.
Among the company’s high-profile clients are Fox, Samsung and Hulu.
Israeli high-tech startup Namogoo announced its second round of layoffs this week.
The company, which has developed a digital journey continuity platform, laid off 25 employees last November, said it will lay off 20 more employees this month.
Following the job cuts, the company’s workforce will total just 100 employees, most of them in Israel, London, Boston and New York.
Victoria’s Secret and Neiman Marcus are two of Namogoo’s more prominent clients.
Israeli cloud infrastructure security startup Ermetic laid off 30 of its employees on Monday – 17 percent of its total workforce.
The layoffs took place in the company’s marketing, sales and HR departments. At least 10 of those who were laid off are based in Israel.
“In preparation for the challenges and goals of 2023, and taking into account the situation in the market, we are focusing on areas of activity that will create success for the company and bring us strengthened towards our goals,” the company said in a statement, “this while streamlining other sectors / areas.
“Against this background, we made organizational changes in the areas of marketing and sales and increased the focus on the development of our groundbreaking technological product.”
The company has developed a platform that detects and prevents security threats within complex AWS, Google Cloud and Microsoft Azure environments, according to CTech.
Ermetic paid tens of thousands of dollars to appear last year on Netflix’s Israeli hit series, “Fauda.”
More Companies Slashed Head Counts As Well
More than a dozen companies announced layoffs in Israel within the first two weeks of this month.
The list of those companies trimming their bottom line includes: