Redis, a company originating from Israel and known for its database software, is planning to lay off approximately 75 employees from its research and development center in Tel Aviv. This reduction will cut down its Israeli workforce by about 25%. Redis operates with a global workforce of around 1,300 people, with approximately 300 of them located in Israel.
The decision to implement layoffs is part of a larger strategy aimed at optimizing operations and cutting expenses, while also adjusting to the increasing integration of automation and artificial intelligence. One of the contributing factors to this move is the escalating operational costs in Israel.
Established in 2011 in Tel Aviv, Redis specializes in creating cloud database and analytics software tailored for real-time data processing needs. Earlier this year, the company introduced a new platform focused on artificial intelligence, which is designed to enhance the management of business data specifically for AI applications.
In recent developments, Redis has achieved a milestone by surpassing $300 million in annual recurring revenue. The company currently serves over 12,000 clients globally, with its customer base including one-third of the Fortune 100 companies.