A major reorganization at Lightspeed results in the elimination of 300 senior positions, but Montreal’s trading platform ensures it continues to hire.
The company believes this is a new step in the corporate strategy aimed at unifying all of the acquired businesses and products. Additionally, this new structure will allow Lightspeed to increase its efficiencies “after acquiring people, technology and processes from its recent acquisitions.”
“We did an excellent job of achieving our goal of onboarding every brand and bringing our flagship products to market,” Lightspeed CEO JP Chauvet said in a statement.
However, the platform will continue to hire staff for go-to-market and development roles to support profitable growth.
“The launch of these flagship products, combined with our new lean structure, will allow us to be more agile and responsive to our customers while investing in innovation that drives our long-term growth,” added Mr. Chauvet.
Lightspeed expects revenue for the third quarter to be within the range it set in its guidance. “The Company estimates that the actions announced today will result in additional restructuring costs of between $12 million and $14 million primarily consisting of severance, benefits and related costs,” we specified.
Recall that Quebec was heavily criticized after investing $49 million in buying shares in Lightspeed but without making the announcement.