The social-media management company Hootsuite Inc., a beacon of Canada’s tech sector in the early 2010s, told employees Tuesday that it would lay off 30 per cent of its staff worldwide.
The company confirmed the news Tuesday morning. “We want to be very clear this decision is not a reflection on them, or their work,” chief executive officer Tom Keiser said in an e-mailed statement. “We need to refocus our strategies to drive efficiency, growth and financial sustainability.” About 400 people are expected to lose their jobs at Hootsuite as part of Tuesday’s internal announcement.
The Hootsuite layoffs are the latest in a string of deep cuts by Canadian tech companies adjusting to an era in which funding is less free-flowing. In recent weeks, Shopify Inc. said it would lay off 10 per cent of staff; CFT Clear Finance Technology Corp., also known as Clearco, laid off 25 per cent; Wealthsimple Technologies Inc. let go of 13 per cent of staff as a key investor eyed slashing its valuation of the company by nearly half. Many other companies have since followed suit.