Hybrid development platform developer Incredibuild is set to lay off approximately 20% of its workforce, affecting an estimated 40 employees globally, with a significant portion from its Israeli headquarters. The company currently boasts a team of 215 employees, out of which 150 are based in Israel, making it a central hub for the organization.
In a statement released to Calcalist, Incredibuild's CEO, Tami Mazal-Shahar, emphasized the company's commitment to responsible and strategic decision-making. The move comes as the software industry faced a notable downturn in 2023, prompting Incredibuild to undergo an efficiency process to adapt to the challenging global macroeconomic landscape.
"Incrediblebuild is a global company that operates with responsibility and discretion and in accordance with the market conditions and the global macroeconomic situation," said Mazal-Shahar. "The software industry experienced a dramatic decline during 2023 that affected us as well."
The company, backed by investors such as Hero Capital, Insight, and Fortissimo, has raised $55 million to date. The layoffs are viewed as part of a strategic effort to ensure long-term business growth while responding to market dynamics. In addition to the reduction in the global workforce, Incredibuild outlined its strategy for 2024, focusing on technological innovations aimed at improving software development speed and performance.
The platform developed by Incredibuild capitalizes on the processing power of central processing units (CPUs) to transform each host into a supercomputer with hundreds of cores. This approach has garnered the company more than a quarter of a million users across 1,500 global organizations, including Fortune 100 companies.
The statement further assured that the affected employees would be provided with support in the form of accompanying processes and occupational guidance as they embark on new career paths. Incredibuild remains committed to meeting the evolving needs of its customer base and expanding into new markets amidst the changing landscape of the software industry.