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VerticalScope to lay off 22 per cent of workforce amid slowing economic environment

VerticalScope said it’s laying off around 60 employees, or 22 per cent of the company’s workforce.

The Toronto-based technology company said Wednesday the layoffs will help reduce expenses and position the company to navigate the current economic environment.

VerticalScope, which went public in 2021, is 43 per cent owned by NordStar Capital LLP, the group that bought Torstar Corp. in 2020, according to financial data firm Refinitiv.

After a disagreement between former business partners Jordan Bitove and Paul Rivett, the pair split assets in a deal that left NordStar to Bitove.

VerticalScope also reported preliminary earnings for the latest quarter Wednesday, saying revenue is expected to be down almost 11 per cent.

VerticalScope’s share price is down around 60 per cent from when it went public.

This report by The Canadian Press was first published Jan. 2, 2023.

Companies in this story: (TSX:FORA)

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