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Unbounce lays off nearly 50 workers, latest B.C. tech firm to cut jobs

‘Current economic environment’ among factors behind cuts, says CEO
Unbounce CEO Felicia Bochicchio, left, and executive chairman Rick Perreault. The Vancouver-based tech company let go of nearly 50 workers Aug. 3 | Submitted

Deep cuts throughout the tech industry have taken aim at Vancouver-based Unbounce Marketing Solutions Inc.

CEO Felicia Bochicchio revealed Wednesday on LinkedIn her company was letting go of 47 employees — about 20 per cent of its workforce — owing to “headwinds we’ve experienced this year, including the current economic environment.”

“As difficult as this decision was to make, it was necessary in order to support Unbounce's purpose and strategy,” she said.

“To those who are reading this who may be hiring, Unbounce is known for bringing on incredibly ambitious, empathetic and successful people. Please reach out directly if you are looking for particular skill sets. I will be doing everything I can to open up my network to help our people find their next great opportunity.”

Unbounce is best known for developing platforms that allow marketers to create landing pages without having to invest in their own web developers.

The company raised $52 million in a 2020 funding round led by Denver-based private equity firm Crest Rock Partner.

Bochicchio was promoted to CEO last October after co-founder Rick Perreault transitioned to executive chairman following a battle with cancer.

She then went on to oversee the acquisition of Portland-based LeadsRx in January. That new division of Unbounce was also hit by Wednesday’s job cuts.

The layoffs come after Canadian tech darling Shopify Inc. (TSX:SHOP) announced last week it was cutting 10 per cent of its workforce — about 1,000 people — amid an industry-wide slowdown that began earlier this year.

Like Unbounce, fellow B.C. tech company Thinkific Labs Inc. (TSX:THNC) cut 20 per cent of its team (100 workers) back in March after posting a $26-million loss in its last fiscal year.

And B.C. biotech Zymeworks Inc. (NYSE:ZYME) cut 25 per cent of its staff in January following founder Ali Tehrani’s departure as CEO. Losses there had grown US$40 million to US$212 million in 2021 – up from US$171 million a year earlier.

Following the Thinkific layoffs, Beacon HR Inc. CEO Nicole Davidson told BIV the cuts were likely a signal of a post-pandemic market shift.

“I expect to see more layoff activity in the coming months and the pendulum start to swing back from the ultra-tight, employee-centred market we've been experiencing these last few years,” she said in March.

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