Calgary-based tech star Benevity says it will lay off 14% of its staff
CBC
The Calgary-based tech firm Benevity says it is laying off 137 staff members as it cites a lack of demand for its services relative to its team size.
In a statement posted to its website, Benevity CEO Kelly Schmitt wrote that demand for its services had grown consistently for more than a decade.
"In response to that demand, we significantly increased the size of our team. But over the last nine months, macroeconomic conditions have changed dramatically, and the demand we expected to see has slowed significantly," Schmitt wrote.
"Although we continue to experience healthy year-over-year growth, the hard reality is that as a company, we are overbuilt for current market conditions."
The layoffs represent 14 per cent of the company's workforce.
In 2020, Benevity became a so-called tech "unicorn" after reaching a $1.1-billion US deal with British private equity firm Hg Capital LLP.
Benevity provides software that manages charitable donations and grants.
More to come.
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