Moovit, a travel planning app acquired by Intel for $1 billion four years ago, is cutting around 10% of its workforce, resulting in 20-25 employees leaving the company. This move comes after the CEO transitioned for the first time in 13 years, with co-founder Nir Erez stepping down and being replaced by Nir Bezalel, who has held various senior positions within the company.
These management changes are believed to be linked to the expiration of the retention period for senior executives following the acquisition, which required them to stay with the company for four years. Co-founder Roy Bick will also be departing, and other senior managers may follow suit in the future. Despite these changes, Moovit has seen significant revenue growth and is expected to achieve positive cash flow from operations this year.
In a statement, Moovit expressed that the restructuring is necessary to focus on the core business and move towards profitability. The company is committed to supporting affected employees and will continue investing in expanding its solutions for both private and business users in the mobility sector and other areas to enhance its overall business strategy.
Article Source
https://www.calcalistech.com/ctechnews/article/h10s7illc
