ALAYACARE LAYS OFF 14 PERCENT OF EMPLOYEES, SLOWS M&A PLANS

AlayaCare has laid off 80 employees, BetaKit has learned, joining a growing list of Canadian tech companies to cut staff and reduce costs in the face of tough market conditions.

The Montréal-based healthtech startup has also scaled back its near-term merger and acquisition (M&A) plans and let two of its office leases expire in Victoria, British Columbia, and Queens, New York, as part of a broader push to become more cash-efficient.

Current macroeconomic conditions have forced AlayaCare to contend with slower sales cycles and see lower than expected revenue growth, which the company’s CEO attributes in part to its adjusted M&A strategy.

*Source: https://betakit.com/alayacare-lays-off-14-percent-of-employees-slows-ma-plans/