Verbit has announced approximately 60 employees being laid off - 20 in Israel

In a strategic move aimed at optimizing operations and attaining profitability, Verbit, a prominent developer of digital transcription solutions, has announced a workforce restructuring that will see approximately 60 employees being laid off, with 20 of them based in Israel. The decision comes as the company undergoes significant changes in its employment practices, which now include directly hiring some transcribers as company employees. This workforce adjustment brings the total headcount to 1,048, a substantial increase from the previous year's 500.

Founded in 2017 by CEO Tom Livna, Verbit quickly emerged as a leading technological transcription and subtitling company, harnessing the power of artificial intelligence and human intelligence to deliver swift and accurate transcription services. Its innovative approach enables the company to decipher various accents, identify specialized terms in diverse fields, and effectively filter background noise, catering to a wide range of esteemed clients such as CNN, NBC, FOX, Harvard, Stanford, London Business School, Coursera, and more.

The decision to lay off a portion of the workforce stems from the company's acquisition of six other firms in recent years, resulting in overlapping roles and responsibilities. In response, Verbit opted to streamline its operations to enhance efficiency and achieve financial viability.

This marks the second round of layoffs in Verbit's Israeli branch, with the first round occurring in 2022 when 10% of the employees were let go. The company acknowledges the impact of these decisions on its employees and has pledged to support them during this transition. Verbit is providing assistance to all departing employees in their efforts to secure new opportunities and continue their professional journeys.

In 2021, Verbit successfully raised an impressive $250 million in funding, valuing the company at $2 billion, highlighting the confidence investors have in its unique transcription solutions.

As Verbit moves forward with its refined organizational structure, it remains committed to providing top-notch services to its esteemed clientele while adapting to the evolving transcription industry landscape. The company's focus on innovation and efficient practices continues to drive its success in this competitive market.