Synamedia Purim Event (from company’s Facebook page)
Synamedia, an Israeli video software provider formerly known as NDS that was once owned by Cisco, is set to lay off 12 percent of its employees, or roughly 200 people. February is almost over and the reversals of fortune and firings still keep on coming in Startup Nation Israel. And Fireblocks, an Israeli fintech startup that specializes in cybersecurity, is letting go of 5% of its entire staff.
The move by Fireblocks comes just a little over a year after the company hit an $8 billion valuation with a $400 million raise. And just one year ago the firm acquired First Digital, an Israeli startup that offers a stablecoin and digital asset payments technology platform, for $100 million.
Fireblocks states that its tech streamlines operations by bringing a user’s exchanges, OTCs, counterparties, hot wallets, and custodians into one platform. Wallets, deposit addresses, and API credentials are secured using patent-pending chip isolation technology and the newest breakthrough in cryptography (MPC). Institutions are using Fireblocks to move funds securely in seconds – instead of hours.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
“As we prepare for our next wave of growth, we want to ensure we are optimized to capture and serve Fireblocks’ new verticals, use cases and markets,” said Fireblocks CEO Michael Shaulov. “As a result of this need, we underwent a small restructuring to the footprint of our global teams which will help position us to more effectively meet our business objectives and customers’ needs in 2023. We are working with each impacted employee to ensure they transition to another great opportunity and thank each of them for their contributions to Fireblocks.”
Founded in 2018 when Cisco divested from the firm, Synamedia already let go of dozens in October 2022.
The company explained the reasons for the firings are related to the ongoing worldwide financial crisis stating, “Over the past two months, Synamedia, like most tech companies globally in light of economic headwinds, has been undergoing a restructuring, and aligning its product strategies with the evolving demands of the video market. As a result, the reduction of the company’s global workforce is approximately 12%.”
But the company did have some words of encouragement for its Israeli division saying, “Synamedia Israel remains a hub of innovation, and an important center for our security business, with Avigail Gutman as the Head of Synamedia Israel and Vice President for Intelligence and Security, and Dr. Tzvi Gerstl, CTO.”
