PandaDoc, an American IT company with Belarusian roots, has laid off 103 employees. The reason for the layoffs was business restructuring due to financial results that did not meet the expectations of the company’s management.
PandaDoc, an American IT company with Belarusian roots, has laid off 103 employees. The reason for the layoffs was business restructuring due to financial results that did not meet the expectations of the company’s management.
This was announced by the company’s co-founder Serhiy Borysiuk in a post on LinkedIn. Several employees also confirmed to DOU that the layoffs also affected the Ukrainian team.
Before the layoffs, PandaDoc’s global team consisted of about 700 specialists, so the layoffs affected almost 15% of the staff. According to preliminary data, at least 10 specialists were laid off in Ukraine out of about 80 who worked in the local office.
All employees who were laid off will receive a compensation package of three months' salary and unused vacation days. In addition, PandaDoc will maintain their health insurance for several months and organize a workshop on preparing a resume for further employment.
PandaDoc is an American IT company with Belarusian roots and headquartered in San Francisco, which develops a SaaS platform for document workflow automation and digital signatures. The startup was founded in 2011 by Mykyta Mikado and Serhiy Borysiuk.
After repression by the Belarusian authorities and forceful searches of the Minsk office in 2020, the company completely liquidated its representative office in Belarus and relocated employees to Kyiv, Portugal, Poland, and the Philippines. In September 2021, PandaDoc attracted another round of investment, receiving a valuation of $1 billion and unicorn status, and its annual revenue reached $100 million.
