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Unity makes cuts following merger with ironSource

Unity- ironSource Credit: Shutterstock
Unity- ironSource Credit: Shutterstock
18 Jan, 2023 11:27
שלח תגובה במיילAssaf Gilead

Also making cuts is Israeli fintech company Pagaya Technologies (Nasdaq: PGY), which has laid off 120-130 employees in Israel and the US.

Unity Technologies CEO John Riccitiello sent an email to employees yesterday announcing an extensive round of cuts and layoffs in which 284 employees will lose their jobs. This is Unity's second round of layoffs in the past year. In June 2022, even before the merger with Israeli Israeli app monetization developer ironSource (NYSE: IS) was completed, Unity laid off 225 employees.

Unity says that the latest layoffs are a result of negative economic trends including weakness in the digital advertising market. Another factor in the latest layoffs is cuts in duplication since the completion of the merger, which added ironSource's 1,400 employees Unity's workforce, leaving it with 8,000 employees before these layoffs.

In November 2022, 3D computer games developer Unity completed its merger with ironSource at a valuation of $4.4 billion for the Israeli company.

Unity said, "Todays layoffs do not effect employees of Unity Israel."

Israeli fintech company Pagaya Technologies (Nasdaq: PGY) has laid off 120-130 employees in Israel and the US.

Pagaya said, "Pagaya is currently finalizing its strategic planning, including a comprehensive process that examines the company's resources for 2023 against its operational needs. When this review is complete, we will share its results with our employees and investors."

Published by Globes, Israel business news - en.globes.co.il - on January 18, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

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