According to sources, the estimated number of employees laid off by Stripe is between 45 and 55. Reportedly, Stripe bought TaxJar in April 2021.
(Representational Photo: IANS)
Digital payments platform Stripe has reportedly laid off some of the employees who support TaxJar, a tax compliance startup that it acquired last year.
According to sources, the estimated number of employees laid off by Stripe is between 45 and 55. Some of them were invited to take 30 days to apply to internal jobs at Stripe.
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This move by the company is said to be related to its decision to wind down TaxJar-focused go-to-market efforts in late July, citing sources, TechCrunch reported.
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According to LinkedIn, TaxJar’s co-founder Matt Anderson left Stripe in July, followed by folks in the sales, marketing, and partnerships teams.
Reportedly, Stripe bought TaxJar in April 2021, a provider of a cloud-based suite of tax services, to help its customers “automatically calculate, report and file sales taxes”.
At that time, Stripe told TechCrunch that all 200 employees of the Massachusetts-based business were joining the company. The goal of the acquisition was to integrate sales tax collection and remittance as a service, one of the most requested features among users.
In July, Stripe went through a 409A valuation process that saw its internal valuation cut by 28 percent.
The company is valued by investors at $95 billion, but the implied new internal share price is around $74 billion.
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