This year is supposed to be a big one for Hootsuite. The Vancouver-based social-media management company is widely understood to be preparing for an initial public offering with a valuation at $1 billion or more.
But today (April 30) the tech firm’s headquarters in Mount Pleasant has a steady stream of employees leaving the building with pink slips.
The layoffs were first reported by CTV News, which says more than 100 people have lost their jobs. The company has so-far refused to confirm that number. Other reports say “dozens” have been fired.
“Today Hootsuite communicated organizational changes in order to drive greater alignment with our growing company’s strategic priorities that best serve our customers," reads a statement Hootsuite is supplying to media. "Unfortunately, this included some reductions to our staff.
"We remain committed to helping employees affected by today's announcement through these times of transition," the statement continues. "Our goal is to ensure they are treated with dignity and respect."
Hootsuite’s best-known product is a digital platform that facilitates the management multiple social-media accounts, including accounts across different platforms such as Twitter, Facebook, and Instagram. According to the company, its clients number more than 16 million.
Since 2013, Hootsuite has operated out of a colourfully painted building on East 8th Avenue. It was founded in 2008 by University of Victoria graduate Ryan Holmes.
According to a company profile at Craft.co, Hootsuite employs more than 1,500 people who work in 13 locations around the world.