Palo Alto, California-based Verbit, a technology vendor transforming video and audio content into text documents in real-time using artifical intelligent learning algorithms, has announced a reduction in force in the United States and Irael.
The reduction in force, an estimated ten percent of Verbit's workforce, impacs 110 employees, 80 employees in the United States and 30 employees in Israel.
The decision was driven by the need to accelerate the venture capital-driven company's profitability.
According to Verbit founder and CEO, Tom Livnea, “We need to act and prepare ourselves to be in the best position to continue to grow and prosper. Verbit will be restructuring the company into business divisions, allowing it to reduce redundant positions created due to the company’s acquisitions and put it in a position to continue its growth with additional acquisitions."
“We have experienced a period of hypergrowth, increasing our workforce fivefold over a period of 18 months during which we acquired six companies. Our success, which includes the doubling of our client base, including strategic clients in the different industries we serve, was achieved in different market conditions, and now we need to navigate the company and ensure that we are in the best position to lead it to prosperity and continued success, while we balance between growth and profitability.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?