Accounting software start-up Ignition has made 10 per cent of its staff redundant as the Sydney-based company misses revenue targets.
Accounting software start-up Ignition has axed 10 per cent of its staff as the Sydney-based company rethinks global expansion plans amid worsening macroeconomic conditions.
Employees were told of the redundancies on Tuesday, with founder and chief executive Guy Pearson conceding growth and revenue assumptions had not hit the target across all regions.“We have just let some people go due to incorrect assumptions I/we made as a company,” Mr Pearson said in a public LinkedIn post.“These investments were based on our customer growth assumptions and associated revenue predictions.
The product aims to be an automated “system of record” for any business that issues quotes, contracts, billing and invoice collection. But the start-up has joined a growing number of Australian tech companies cutting their workforce after several years paying sky-high salaries to turbocharge growth metrics.
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