Lightspeed Commerce Layoffs

Montreal-based point-of-sale software company Lightspeed Commerce cut 200 jobs on December 2, 2024, roughly 7% of its approximately 3,000-person workforce, in the second restructuring it had carried out that year. CEO Dax Dasilva, who returned to the top job in February 2024, said Lightspeed would focus resources on two areas with the strongest product-market fit: North American retail, including its Golf and NuOrder platforms, and European hospitality. Teams outside those priorities were the primary targets of the cuts, while product and technology roles in the focus areas continued to be filled. An earlier 2024 round had removed 280 employees. The December announcement sent shares down more than 8% on the day. No severance details were disclosed.

Reason: strategic refocus on North American retail and European hospitality

Source: marketwatch.com

Montreal-based Lightspeed Commerce announced on April 3, 2024 that it would eliminate 280 jobs, representing roughly 10% of its headcount-related operating expenses, as part of a push toward profitable growth. CEO Dax Dasilva said the restructuring followed years spent integrating numerous acquisitions into the company's two flagship commerce products and expanding its payments offering, and that the leaner structure would allow for targeted investment going forward. Lightspeed, which sells point-of-sale and e-commerce software to retailers and restaurants, expected to complete the bulk of the cuts by the end of its first fiscal quarter of 2025. The announcement came alongside a share buyback program worth up to $140 million, representing 10% of the company's public float. Severance terms were not disclosed publicly.

Reason: Cost reduction and profitable growth strategy following acquisition integration

Source: bnnbloomberg.ca

Lightspeed Commerce disclosed a workforce reduction affecting its Montreal operations in January 17, 2023. Approximately 300 roles were eliminated.

Source: prnewswire.com