Tradeshift reduces the number of employees by three figures in an effort to become profitable – Newsdio

0
45


Last month, Tradeshift, A platform for supply chain payments that has reached unicorn status in recent years, had some good news and some bad news. Announced a round of financing of Series F of $ 240 million in capital and debt, obtained from a combination of existing and new investors. It has now raised a total of $ 661 million since it began in 2008 and investors include Goldman Sachs, Principal Strategic Investments and Wipro Ventures, among others.

The new financing came despite talking about a possible IPO last year. Indeed, this new round of financing was an admission by the company that it was delaying any IPO and placing the company "on a direct path to profitability in the near future," which is exactly the kind of noise that many largest technology companies have done in the wake of the WeWork and Peloton's problems with public markets.

During that announcement, CEO and co-founder Christian Lanng He also admitted that the boost to profitability would mean an exercise in cost reduction before any possible IPO.

Lanng said this would probably mean reducing staff in their expensive San Francisco offices, but reallocating resources and talent to places where that is most affordable.

The company has not made any formal announcement about the details in this regard, but yesterday we received confirmation from the European technology press that the cuts were beginning to bite.

The Danish version of ComputerWorld reported that personnel cuts have now reached three figures and were made in mid-January.

The cuts come from the staff at the company's offices in Copenhagen, San Francisco and other offices.

Mikkel Hippe Brun, co-founder of Tradeshift and head of the company's Asian business, confirmed the information to ComputerWorld, but said "there are still some queries around the world, where we are subject to different rules about notifications and opportunities to file objections."

However, he said the company still has more than 1,000 employees worldwide, which is "significantly more employees" than two years ago.

At the same time, the company has also brought new SAP executives, Oracle and Microsoft, among others, as the company tightens its belt, according to ComputerWorld.

Tradeshift has an impressive variety of investors, such as Goldman Sachs, although it is notable that this does not include any of the usual rounds of the Valley SaVs oriented to typical SaaS.

Tradeshift customers have included Air France KLM, Kuehne + Nagel International AG, DHL, Fujitsu, HSBC, Siemens, Société Générale, Unilever and Volvo.

LEAVE A REPLY

Please enter your comment!
Please enter your name here