Event management platform Hopin has laid off 138 workers, representing 12 percent of its workforce, effective Feb. 11.
The news first was reported by Gergely Orosz in his Pragmatic Engineer online newsletter and confirmed by former employees on LinkedIn.
Hopin, the two-year-old UK-based online events platform unicorn that is valued at $ 1 billion after seven rounds of investor funding, has been on a buying spree. In little more than a year it has bought six startups, including live-streaming platform StreamYard, which it purchased at $ 250 million; and Attendify, acquired last July for an undisclosed amount.
“Following unprecedented growth and several acquisitions, we are reorganizing to align with our goals for greater efficiency and sustainable growth,” Hopin told TechCrunch in a statement.
Part of the layoffs was Hopin’s entire tradeshow division, including Matthew Donegan-Ryan, who had been the company’s head of trade shows. In a LinkedIn post Donegan-Ryan wrote, “Supporting live events is a completely different undertaking and I understand Hopin’s decision to make the change.”
The company has extended benefits and job search assistance to affected employees.