Boston-based online notary platform, Notarize is slashing 110 employees, or roughly 25 percent of its workforce in the latest tech startup layoffs.
This is the latest software venture to lay off a portion of its global personnel, bringing the total headcount 325.
A company spokesperson stated that the layoffs touched practically every unit and spanned from junior to senior staff.
However, the current headcount in Boston is not revealed.
Earlier this year, the firm has employed 55 employees in the Boston region.
Notarize CEO Pat Kinsel said in a statement that the firm decided to cut a “significant” number of jobs throughout the organization to refocus resources toward essential priorities.
“Notarize’s focus is shifting to growing revenue by unlocking transactions through our existing customer and partner base, where our previous focus had been heavily directed on customer and partner acquisition.”
“Our regulatory victories and partnerships have put the company in a fundamentally different position over the past two years, and our strategy must evolve. We can no longer delay in addressing these issues.”
On Wednesday, June 15, Kinsel tweeted about the layoffs, saying that Notarize is giving severance and support services.
Notarize signed an “alliance” with FedEx Office earlier this year to offer its digital notary services in FedEx Office’s 2,200 worldwide locations.
The agreement follows collaborations with Dropbox and Adobe to make online notarization services available to the firms’ respective client bases.
Many tech firms are laying off employees or implementing hiring freezes, citing an uncertain economic future.
WHAT IS NOTARIZE?
Notarize provides an online notary platform for individuals and businesses to get documents legally notarized online.
Where it is headquartered? The company is headquartered in Boston, Massachusetts.
How many staff does it have? It currently has around 70 employees.
What is its annual revenue? The annual revenue is around $14 Million.
Source: The Business Journals