SuperDerivatives Inc. is firing 50 of its 300 employees in Israel and 100 employees at offices in other countries, as part of its response to the economic slowdown. The latest layoffs come ten weeks after the company fired 30 of its R&D employees in Israel as part of a restructuring.
SuperDerivatives CEO Dr. David Gershon was unavailable for comment.
A market source told "Globes" that the company was firing staff because it had to adapt to global developments and prepare for a slowdown, the length and depth of which were not known.
Although the layoffs appear to be a defense measure, SuperDerivatives does not seem to be a company that ought to be worried about its future. Its ambitious expansion plans will probably have to be amended, but the company provides derivatives valuation services that are likely to remain in heavy demand regardless of good times or bad.
SuperDerivatives, founded in 2000, develops software for real-time support and analysis of options, risk management, and the valuation of investment portfolios. It also maintains an information portal on derivatives and online trading tools. "Globes" listed the company as one of Israel's most promising start-ups for 2006-07.
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2008
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