Lightspeed Commerce Inc. has announced that 250 positions will be affected by layoffs as the company decides not to fill certain job vacancies. The Montreal-headquartered software firm stated that the layoffs are intended to streamline its operations and make space for reinvestment in customer expansion and product advancements.
Stephanie Princivil, a company spokesperson, refrained from specifying the areas within the company that the job cuts and elimination of vacancies would impact. However, she mentioned in an email that Lightspeed will disclose more details when it releases its quarterly earnings report next month.
In recent years, Lightspeed has implemented multiple rounds of workforce reductions as Dax Dasilva, the founder and CEO of Lightspeed, resumed his leadership role.
Additionally, the company conducted a strategic assessment with the aim of enhancing shareholder value. Despite this, last year’s review did not result in a decision to go private. Instead, Lightspeed chose to focus on strengthening its North American retail and European hospitality segments while divesting Upserve, a subsidiary offering restaurant management solutions.