Redis, an Israeli-founded company specializing in database software, is planning to lay off approximately 75 employees from its research and development center in Tel Aviv. This reduction represents about 25% of the company’s workforce in Israel, where Redis employs around 300 individuals. Globally, the company has a workforce of about 1,300 people.
The layoffs come as part of a strategic move to streamline operations and cut costs in response to the increasing integration of automation and artificial intelligence in the industry. Factors contributing to this decision include rising operating costs in Israel, prompting Redis to reassess its organizational structure.
Established in 2011 in Tel Aviv, Redis is known for developing cloud database and analytics software that facilitates real-time data processing. In a bid to enhance business data management for AI applications, the company recently introduced an AI-focused platform earlier this year, underscoring its commitment to innovation in the field.
Redis has achieved significant financial milestones, with annual recurring revenue exceeding $300 million. The company serves an extensive client base of more than 12,000 customers worldwide, including a significant portion of Fortune 100 companies.