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Cloud accounting software company Xero intends to cut 700 to 800 jobs. The company says the total represents about 15 percent of its workforce.
“We aspire to build a higher performing global SaaS company and to enable Xeroʼs next phase of growth and drive better customer outcomes, we need to streamline and simplify our organization,” CEO Sukhinder Singh Cassidy said in a prepared statement.
The company is also divesting two acquisitions. Last month, it announced the sale of its WorkflowMax brand, which it purchased in 2012, to BlueRock. It is also selling its cloud-based lending platform, Waddle, that it acquired in 2020.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind