Indy tech company Zylo conducts layoffs
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Indianapolis-based software firm Zylo Inc. has reduced its workforce, though few details are being made available. The company, which has developed a platform to help customers manage their other software subscriptions, told our partners at the IBJ the layoff affected 10% of its staff.
Zylo, however, declined to specify an exact number of employees affected by the move. As of November, the company had about 125 employees, about 75 of whom lived in the Indianapolis area with the others working remotely.
“Early last week, we made the difficult decision to reduce our headcount by a small percentage to reach our long-term business goals,” Zylo co-founder and CEO Eric Christopher told IBJ via email. “We provided resources to each impacted employee and are grateful for the value they brought to our team.”
Zylo announced in November that it had raised $31.5 million in Series C funding, followed by an additional $5 million in February, bringing its total raised to over $71 million since its founding in 2016.
The company also won Scale-Up of the Year at this year’s TechPoint Mira Awards.
In a May interview on Inside INdiana Business with Gerry Dick, Christopher said the company “could be adding hundreds of jobs here in the next few years,” but noted that they were unsure of what was ahead.
“So many companies are pulling back,” he said. “Some of our growth now is companies are kind of waking up that they need to run more efficiently and maybe think about how much software they actually have and look to even reduce it.”
Zylo touts many big name customers, including Eli Lilly and Co., Nike and Spotify.
This story first appeared in the #IBJtech newsletter. You can subscribe by clicking here.