Cin7, an Auckland-based e-tail specialist, has culled its workforce as a result of the pandemic

Key Highlights :

1. Auckland-based e-commerce firm Cin7 is culling staff, with a consultation process due to wrap up this week.

2. The firm and owners did not immediately respond to requests for comment, but according to staff and documents sighted by the Herald , the company is laying off around 15 per cent of its staff.

3. Insiders put total staff at just under 300 - with around two-thirds in New Zealand and most of the balance in the US.

4. Cin7, founded in 2011 by Vietnamese refugee turned entrepreneur Danny Ing, assists firms that want to sell through Amazon.com and other e-commerce platforms. Most of its customers are overseas.

5. The firm was bought by US private equity outfit Rubicon Technology Partners in 2019 in a deal that an Overseas Investment Office filing put at $133.3 million (ahead of the deal, Ing owned 40.3 per cent of Cin7 through a direct stake, and a further 10 per cent through a trust.).

6. Then Cin7 chief commercial officer David Leach with the company's founder and chief architect Danny Ing in 2019. Leach is chief executive today. At the time of the Rubicon deal, Cin7 had around 150 staff.

7. Now, it seems Cin7 is facing a post-pandemic hangover as the centre of gravity shifts back to bricks and mortar stores, and economies slow.

     Auckland-based tech firm was sold to a US private equity firm in a $133-million deal.

     The Auckland-based tech firm, which specialises in software development, was sold to a US private equity firm in a $133-million deal.

     The company, which has operations in New Zealand and Australia, said the investment would help it expand its operations in the Asia-Pacific region.

     “We are excited to have reached this agreement with a well-funded and experienced US private equity firm that shares our ambition to grow our business in the Asia-Pacific region,” said the company’s chief executive, Brent Hoberman.

     “The investment will help us to accelerate our growth and support our continued investment in our people and technology.”

     The company said it would use the investment to expand its operations in the Asia-Pacific region, including in China, Japan, and South Korea.

     The company’s software development solutions are used by some of the world’s largest companies, including Google, Facebook, and Microsoft.

Continue Reading at Source : nzherald