Freightos, the Israeli box booking platform listed on the NASDAQ, has axed 13 per cent of its workers in order to break even in difficult economic conditions.
According to The Times of Israel, the job cuts are part of a cost-cutting and operational efficiency strategy unveiled Tuesday to allow Freightos to attain profitability with ‘cash on hand’ and without having to raise further money, according to Freightos.
Freightos’ staff will be cut to 350 individuals in Israel and abroad as a result of the layoffs, the majority of which will occur outside of Israel.
As shipping rates and freight volumes decline and businesses struggle with excess inventory levels, the global economic slump has caused a downturn in freight markets.
Zvi Schreiber, CEO of Freightos, stated: “Given the persistently weak market conditions, we are refining our priorities to deliver on our plan to reach profitability with the capital already raised.”