Lightspeed to cut 300 roles
Montreal-based commerce tech firm Lightspeed Commerce Inc. announced on Monday a reorganization including the elimination of 10 percent of its headcount.
The reorganization includes the reduction of approximately 300 roles, with half of the reduction coming from management layers.
It is part of a new structure that is expected to unlock efficiencies, following its most recent acquisitions. In 2021, Lightspeed acquired NuOrder, a digital wholesale platform connecting businesses and suppliers, and Ecwid, a U.S.-based global e-commerce platform, among others.
”We have done outstanding work to complete our goal of integrating each brand and rolling out our flagship products to market. This represents three years of hard, foundational work that is setting us up for long-term success,” said Lightspeed CEO JP Chauvet.
“The launch of these flagship products, coupled with our new, leaner structure, will allow us to be more agile and responsive to our customers as we invest in innovations that will fuel our long-term growth.”
Looking ahead, Lightspeed said it will continue to hire core go-to-market and development roles that support profitable growth.
The restructuring will likely result in a US$12 million to US$14 million charge for the company, consisting of severance payments, employee benefits and related costs, expected to be incurred during the company’s 4th quarter.
The company will provide an update on its financial performance on its earnings call on February 2, where it expects to deliver third quarter results within its previously-established range for revenue outlook and ahead of adjusted EBITDA outlook.
