Vancouver-based software maker ZoomInfo is set to lay off around three percent of its global workforce.
It says the layoffs are aimed to “flatten the organizational structure, speed decision making and enable investment in key opportunities for long-term growth while driving continued profitability.”
Though the firm didn’t disclose specific details regarding the impacted roles, LinkedIn posts suggest marketing, human resources, and operations units may be affected.
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ZoomInfo expects to incur a restructuring charge of $6 million during the second quarter to facilitate staff cuts.
Affected employees will receive severance packages based on their job level and tenure, averaging around 10 weeks of pay.
The company, which went public in 2020, will also accelerate the vesting of certain employee equity.
Additional employee benefits include a COBRA health insurance subsidy for US-based employees.
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Employees in Israel will get a lump sum equivalent to three months of education fund deductions.
Despite the restructuring, the company plans to hire in sales, engineering, and customer success departments.
The firm is committed to strategic investments and the utilization of generative AI capabilities.
ZoomInfo announced an update to its Chorus platform, leveraging generative AI and automation to create post-meeting summaries and action items.
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This enhancement aligns with the company’s acquisition of AI-maker Chorus in 2021 and its ongoing efforts to enhance product offerings.
It had previously signed a lease for space in the Terminal 1 building along the Vancouver waterfront, intending to occupy the entire building by 2025.
The company employs around 3,500 people worldwide, with about 670 based in Oregon and Southwest Washington.
