Analysis: Amdocs layoffs are only the first wave of Covid-19 storm
Firings by the software giant are a painful herald to other Israeli companies that operate in the bruised U.S. market
Meir Orbach | 11:21 02.07.2020
Software giant Amdocs is firing around 1,000 employees due to the severe damage to the company's business in the wake of the coronavirus (Covid-19) outbreak. On the other side of the Israeli tech scene, startups were able to raise an incredible $2.3 billion in the second quarter according to data by IVC - a sum equal to the record raised over the same period in 2019. The raises showcase the Israeli startup industry’s resiliency and the companies’ ability to rally investors even in the midst of the worst crisis in their history. The startups exist in a parallel world, where companies are dependent on funds. Amdocs exists in the same world as the rest of humanity, the one where people do business, the one in which there is a pandemic and in which American companies, which provide most of the revenues of the Israeli tech scene, are coping with a huge health and economic crisis and have been crippled for many months.