Canadian enterprise software company, OpenText, announced on Wednesday (3 July) that it will cut around 1,200 jobs.
The layoffs are expected to reduce company overheads by $109m but will cost the business an initial $44m.
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According to an SEC filing, OpenText will reinvest C$50 ($36m) to bring on 800 new roles within its sales and engineering arm.
Over 100,900 workers have reportedly been laid off across 356 tech companies this year, according to tracking website Layoffs.fyi.
Layoffs across the technology sector have continued throughout 2024 following a tumultuous year of layoffs during 2023.
Leading technology companies including Duolingo and Unity were among the 13 tech companies to conduct layoffs within the first nine days of 2024.
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By GlobalDataIn May, Google made 200 employees redundant to support the company’s long-term financial goals.
Many of the titles affected had been relocated abroad to save money. Some of the affected jobs were moved to India or Mexico in an attempt to be closer to Google’s partners.
Tesla also conducted layoffs in May, laying off 600 jobs including senior-level positions at the company’s engineering headquarters and a manufacturing plant.
In April, Bloomberg reported that an internal memo sent by Tesla CEO Elon Musk stated that 10% of its workforce could be cut.
In 2023, nearly 2,000 tech companies made significant layoffs, resulting in over 260,000 tech workers out of their job by December that year.
