Monetate announced a round of layoffs yesterday - Technical.ly Philly

Business

Oct. 30, 2014 2:05 pm

Monetate announced a round of layoffs yesterday

CEO Lucinda Duncalfe said it's part of a strategy to double down on one specific product and its growth in the European market.

Changes are afoot at Monetate.

(Photo by Zack Seward)

Two months into her tenure as CEO of Monetate, Lucinda Duncalfe announced a round of layoffs yesterday. Monetate would not disclose the number of employees let go.

The Conshohocken ecommerce optimization company plans to focus on one specific product and its growth in Europe, and Duncalfe said that means doubling down on the staffers who can make that happen: sales, engineers and European operations.

“That necessitated a realignment of resources,” Duncalfe said via phone this morning.

The layoffs were all across the board, she said, and not in one specific department. Employees got what Duncalfe called “unusually generous” severance packages, compared to other companies of Monetate’s size.

The layoff announcement is no cause for concern, Duncalfe said. Revenue is up 33 percent since this time last year, and the company’s European business is booming: Monetate’s London bureau of about 25 people just moved into a bigger office and opened two data centers in Ireland to support that growth. Monetate also opened a Palo Alto office this summer, which employs about ten.

Monetate is also still recruiting, with plans to hire, as Duncalfe put it, a person every couple weeks until the end of next year.

Monetate declined to share the total number of current employees, though in August, the company said it aimed to be at 300 employees by the end of the year.

One question worth asking: will a local startup scoop up the engineers that Monetate just let go?

(Laid off? Get in touch.)

-30-
Juliana Reyes

Juliana Reyes became Technical.ly's associate editor after reporting on the Philadelphia tech scene for four years. She's co-president of the Asian American Journalists Association Philadelphia chapter and a two-time Philadelphia News Award winner for "Community Reporting of the Year." The Bryn Mawr College grad lives in West Philly, likes her food spicy and wears jumpsuits often.

  • Kevin Clough

    Jarvus Innovations (http://jarv.us/) is hiring qualified engineers. Hit up hello@jarv.us if you’re interested in hearing about what we have available.

Advertisement

Sign-up for regular updates from Technical.ly