Glassbox lays off 14% of staff, aims to save $7.44 million a year
Glassbox lays off 14% of staff, aims to save $7.44 million a year
The Israeli software company has lost 85% of its market cap since going public two years ago
Israeli software startup Glassbox, which has developed an analytics platform for web and mobile applications, announced on Thursday that it is laying off 40 employees, accounting for 14% of its workforce.
According to Glassbox’s disclosure filed with the Tel Aviv Stock Exchange, it will save $7.44 million annually thanks to the cutbacks. The company’s share price rose by more than 9% on Thursday, taking its market cap to around $73 million.
Glassbox raised $100 million in its initial public offering on TASE in June 2021. The company had a post listing valuation of close to $500 million.
Glassbox has developed a system that allows organizations to track user app activity and to spot user trends and patterns, thereby improving and streamlining the services they offer.
