Trax plans New York IPO at $2b valuation, Israel layoffs
The retail analytics and inventory management company says the Israel layoffs are part of restructuring after five acquisitions.
This is the second time in less than a year that Trax has been implementing layoffs. In May the company fired 10% of its global work force due to the impact of the Covid-19 pandemic on growth. Trax currently has 1,000 employees in 20 countries.
The layoffs in Israel follow five acquisitions by Trax in the past 18 months including two companies in France, two in the US and one in China. In 2019 Trax acquired US company Shopkick for $200 million and last year Trax acquired French company Qopius, which has 40 employees that are being integrated into Trax’s work force. All the acquired companies were either rivals or have complementary products.
Trax was founded in 2010 by CEO Joel Bar-El and Chief Commercial Officer Dror Feldheim, The company has developed image recognition technology that turns shelf images in stores into real-time actionable insights.
Published by Globes, Israel business news – en.globes.co.il – on January 20, 2021