VerticalScope cutting 22% of staff amid economic uncertainty

VerticalScope, a subsidiary of Torstar, is scaling back its staffing levels in a bid to reduce costs.

In a news release on Feb. 1, the Toronto-based tech company said it’s laying off approximately 60 employees, or 22 per cent of its total workforce, to ensure that the business is in the best position to “navigate the current economic environment.”

“Like many businesses in our space, we grew our headcount aggressively over the last few years,” VerticalScope founder and CEO Rob Laidlaw said in the release.

“With the economic uncertainty that lies ahead, we must prioritize our biggest opportunities and make sure we have the proper cost structure in place to pursue them.”

According to LinkedIn, VerticalScope has more than 230 employees.

Canadian impact

In addition to its headquarters in Toronto, VerticalScope has offices in the U.S., Estonia, and the Cayman Islands.

The company didn’t disclose how many Canadian employees are affected by the reduction.

• SEE ALSO: Layoffs in Canada: Which Employers are Slashing Staff?

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