Q4 has laid off 13 people at its Toronto office, BetaKit has learned.
In a statement to BetaKit, CEO Darrell Heaps confirmed the layoffs, but added that its global workforce remains at 175 people across all of its offices (Q4’s main offices are in Toronto, New York, and London). BetaKit has also reached out about reports that the company has also laid off most of its Denmark office.
“Over the last couple of years we have grown quickly, acquired three companies, and will soon surpass 1,000 global clients,” Heaps said. He says that as the business evolved and expanded into Europe, the company, which provides a communications platform for investment relations, had to think about changing its client engagement model.
“We heavily invested in our products, machine learning, and market intelligence, which have driven our growth, but have also changed the scope of solutions that we provide our clients,” said Heaps. “As our business evolved, it became clear that we needed to analyze and realign our talent globally to execute on this new client engagement model. This change is core to our strategy and ensures a steady and profitable growth path for the future.”
Q4 raised a $22 million Series B in May 2016, with the goal of expanding its sales and marketing teams — and applying machine learning to its platform.