Veriff, which develops personal identification technology, decided today to lay off 12 percent, or 66 people, of its teams around the world, as a result of which the company will retain just over 500 employees. As the majority of the start-up company’s team is located in Estonia, it concerns the employees here the most according to the company’s CEO Kaarel Kotkas, 42 people will be laid off from the Estonian office.
“The decision to initiate collective redundancies certainly did not come easily, and I sincerely regret that we had to take this step. I am grateful to all Veriff employees for their dedicated work and contribution,” Kotkas told DigiPRO.
“Last year, our turnover more than doubled, but what can we say, our growth plan was much more ambitious. Given the slower pace of the market and more modest investments by companies this year, we need to consolidate our teams and align support functions with the size of our company. This will help us continue with more efficient growth,” added the company manager.