Israeli-founded Redis, known for its database software, is planning a significant workforce reduction at its Tel Aviv research and development hub. The company intends to cut around 75 positions, which will decrease its Israeli staff by about 25%. Globally, Redis employs approximately 1,300 individuals, with about 300 based in Israel.
This decision comes amid a larger initiative to streamline operations and control costs, partly by embracing the increasing trend towards automation and artificial intelligence. Additionally, the rising operational expenses in Israel have been a factor in prompting these layoffs.
Established in 2011 in Tel Aviv, Redis specializes in developing cloud-based database and analytics solutions tailored for real-time data processing needs. In a recent move to cater to the evolving tech landscape, the company introduced an AI-focused platform aimed at enhancing business data management specific to AI applications earlier this year.
Despite the workforce reduction, Redis has been making strides in its business performance. The company recently reported exceeding $300 million in annual recurring revenue and boasts a client base of over 12,000 customers globally. Notably, one-third of the Fortune 100 companies are counted among its clientele.