The Israeli-rooted company Redis, known for its database software, is planning to cut roughly 75 positions from its research and development center located in Tel Aviv. This move will result in a workforce reduction of about 25% within Israel. On a global scale, Redis employs around 1,300 individuals, with approximately 300 based in Israel.
This decision comes as part of a larger strategy to optimize operations, cut expenses, and adjust to the increasing adoption of automation and artificial intelligence technologies. Furthermore, the rising costs of operating in Israel have also played a significant role in prompting the layoffs.
Established in 2011 in Tel Aviv, Redis specializes in the creation of cloud database and analytics software, which is crucial for processing real-time data. Earlier in the year, Redis introduced a new platform centered around artificial intelligence, aimed at enhancing the management of business data for AI-driven applications.
With its recent achievement of surpassing $300 million in annual recurring revenue, Redis boasts a customer base exceeding 12,000 clients globally. Its impressive clientele includes over a third of the companies listed in the Fortune 100, highlighting its significant impact and reach within the industry.