The redundancies come during great uncertainty in the technology sector, with many ASX listed tech stocks sold off 30 per cent or more in the past six months.
Melbourne-based digital assets marketplace Envato, majority owned by Rich Listers Cyan and Collis Ta’eed, has made about 100 staff redundant, as it shifts focus from older assets to its newer subscription products.
While in the 2021 financial year Envato’s revenue leapt 14 per cent to $228.5 million, and its operating profit surged 76 per cent to a record $36.5 million, Mr Assi said the company would be operating in a more “challenged” environment in the next two to three years. To support the 100 or so staff that have been laid off, Envato is providing each of them with a minimum of 12 weeks pay, and its recruitment team is focused on working with the former employees to help find them new roles and get their CVs up to scratch.