Tax compliance business TaxJar, which Stripe purchased in 2021, has terminated some staff.
The Journal said the action is a part of Stripe’s plan to wind down TaxJar-focused go-to-market efforts in late July, citing anonymous sources.
Up to 55 employees were reportedly affected by the layoffs, which took place during the past month.
Within the next 30 days, some of the laid-off workers will have the opportunity to apply for internal positions within Stripe.
Matt Anderson, a co-founder of TaxJar, left Stripe last month, according to LinkedIn.
TaxJar provides a range of cloud-based tax services that enable its users to automatically estimate, report, and file sales taxes.
The staff have been cut from its sales, marketing, and partnerships divisions.
200 employees of TaxJar would join Stripe after the acquisition, according to a statement made by Stripe at the time.
In order to combine sales tax collection and remittance as a service, which has generated demand from users, Stripe acquired the US-based company.
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Stripe undertook a 409A estimating procedure last month, which resulted in a 28 percent decrease in the company’s internal valuation.
Investors put a $95 billion value on Stripe. However, the projected new internal share price for the corporation is close to $74 billion.