Redis, a company originally founded in Israel and known for its database software, is preparing to lay off about 75 employees from its research and development center located in Tel Aviv. This move will result in a reduction of its Israeli workforce by roughly 25%. Globally, Redis employs around 1,300 individuals, with approximately 300 based in Israel.
The decision to cut jobs is part of a larger strategy aimed at streamlining operations and cutting costs, while also adjusting to the increasing adoption of automation and artificial intelligence. Increasing operational expenses in Israel have also been a factor in prompting this decision.
Established in Tel Aviv in 2011, Redis specializes in developing cloud database and analytics software that facilitates real-time data processing. Earlier this year, the company introduced a new platform with a focus on artificial intelligence, designed to enhance the management of business data for AI applications.
Redis recently achieved a significant milestone by surpassing $300 million in annual recurring revenue. The company boasts a robust client base, serving more than 12,000 customers worldwide, which includes around one-third of the Fortune 100 companies.