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Glassbox lays off 14% of staff, aims to save $7.44 million a year

Glassbox lays off 14% of staff, aims to save $7.44 million a year

The Israeli software company has lost 85% of its market cap since going public two years ago

CTech | 21:51, 04.05.23

Israeli software startup Glassbox, which has developed an analytics platform for web and mobile applications, announced on Thursday that it is laying off 40 employees, accounting for 14% of its workforce.

Full list of Israeli high-tech layoffs in 2022-23

According to Glassbox’s disclosure filed with the Tel Aviv Stock Exchange, it will save $7.44 million annually thanks to the cutbacks. The company’s share price rose by more than 9% on Thursday, taking its market cap to around $73 million.

Glassbox CEO Yaron Morgenstern. Glassbox CEO Yaron Morgenstern. Glassbox CEO Yaron Morgenstern.

Glassbox raised $100 million in its initial public offering on TASE in June 2021. The company had a post listing valuation of close to $500 million.

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Glassbox has developed a system that allows organizations to track user app activity and to spot user trends and patterns, thereby improving and streamlining the services they offer.

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