HoneyBook lays off 14% of workforce in AI-driven restructuring
The small-business software company is cutting 30 to 35 jobs, with the majority of the layoffs affecting employees in Israel, despite holding hundreds of millions of dollars in cash reserves.
HoneyBook, a company that develops business management tools for small businesses in the U.S., is laying off approximately 14% of its 255-strong workforce. The layoffs affect around 30 to 35 employees, the majority of whom are based in Israel. The company is estimated to have hundreds of millions of dollars in cash reserves.
HoneyBook said that tens of millions of interactions have been managed through its platform since its inception, with approximately $18 billion in payments processed by tens of thousands of business owners.
"HoneyBook is undergoing a reorganization process aimed at aligning our structure and workflows with the AI era, while integrating AI into our product and value proposition for customers," the company said. "This move is driven by financial strength and strategic focus, with the goal of becoming a faster, more agile organization.
"As part of this process, we are parting ways with talented and valued employees. This is a difficult decision, and we thank everyone who played a part in the journey that made us a leading solution for small businesses in the U.S. The company will support the departing employees and provide them with favorable severance terms."
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Calcalist has learned that HoneyBook has also extended the validity of the departing employees' stock options.
