Israeli Tech Firms Bizzabo, PayPal Announce Layoffs Amid Global Cuts

Israeli tech company Bizzabo has laid off dozens of employees, a portion of whom were based in Israel, with the majority located internationally. The company, which previously employed around 150 people globally, stated the organizational changes were part of a move toward faster operations for the growing events market. Bizzabo, founded in 2011, develops a platform for managing physical, virtual, and hybrid business events. This marks the third round of layoffs for the company since mid-2022, which has seen its workforce shrink by over two-thirds.

In parallel, payment giant PayPal is also cutting jobs in Israel as part of a worldwide reduction. PayPal's Israeli operations, centered at its development center in Tel Aviv, employ between 200 and 250 people. The Israeli layoffs are integrated into a global wave of cuts that began this week, affecting employees across Asia-Pacific, Europe, and the Middle East. In Ireland, PayPal will dismiss 164 employees, approximately 12% of its workforce there.

PayPal explained these workforce adjustments are a component of a multi-year efficiency program aimed at streamlining global operations and enhancing performance. This plan, introduced by new CEO Enrique Lores, intends to reduce the company's global workforce by about 20% over two to three years, equating to roughly 4,760 jobs, to achieve annual savings of $1.5 billion. The company affirmed its commitment to supporting affected employees through this transition.