Montreal-based fintech Lightspeed is undergoing significant changes, including a 280-person job cut, representing a 10% reduction in staffing costs. This move coincides with their plan to repurchase up to 10% of public shares, aiming to boost the company’s share price.
Recently reinstated CEO Dax Dasilva is spearheading these cost-cutting efforts, amidst discussions with shareholders and a review of office space needs. Despite being one of Canada’s top tech firms, Lightspeed’s shares have remained stagnant since its IPO five years ago. Dasilva is open to privatization offers, aligning with industry trends as seen in Nuvei’s recent $6.3 billion acquisition by Advent.
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