BILL will reduce its global workforce by 15% as part of a restructuring.
The changes come as BILL works to “allocate resources to its key business priorities in service of small and midsize businesses and focus on improving the profitability of its core business (the ‘Restructuring’),” the company said in the filing.
The news comes at a time when BILL and other businesses that make software for small businesses are being impacted by those customers reducing their software spending.
BILL’s layoffs and restructuring also come a year after the firm, formerly known as Bill.com, rechristened itself while updating the look and feel of its brand.
In addition to the new name, it conducted a company rebrand, “modernizing the look and feel of our brand to create a more engaging experience, and to honor and celebrate the contribution of SMBs to our communities and economies,” BILL Chief Marketing Officer Sarah Acton said at the time.
The San Jose-based firm offers solutions such as automated bill payments (which can route clients’ bills to save time), several flexible payment options such as same- or next-day payments, and a single platform that can be accessed from any device.
When announcing BILL’s latest quarterly earnings results Nov. 2, President and Chief Financial Officer John Rettig said the firm had achieved a 33% year-over-year increase in total revenue in a challenging macroeconomic environment.
“We are carefully navigating the current environment while continuing to invest behind the long-term opportunity to serve millions of SMBs,” Rettig said in a statement.
The company also executed on its strategy to be “the essential financial operations platform for SMBs,” launching an integrated financial operations platform for SMBs, BILL CEO and Founder René Lacerte said at the time.
“This is a big step towards our objective to become the essential software for SMBs to operate and thrive,” Lacerte said in a statement.