
Pivotree, a leader in frictionless commerce solutions, has released a letter to shareholders from CEO Bill Di Nardo, available on the company’s website and filed on SEDAR.
In the letter, Di Nardo discusses changes at Pivotree aimed at maintaining and accelerating its leadership in frictionless commerce. He outlines a plan to streamline operations, focusing on more profitable business lines, reducing expenses, and ensuring financial stability. Pivotree has identified $8.5 million in cost savings, including a 10% workforce reduction and a 50% decrease in senior leadership positions. These adjustments are expected to improve cash flow and EBITDA, with cost-saving benefits appearing in late 2024 and early 2025.
Despite the changes, Pivotree reaffirms its commitment to growth, innovation, and supporting affected employees during their transition. The company maintains a healthy cash balance with no debt and an untapped credit facility, positioning itself for a stronger financial future.
The full letter details further insights into the company’s restructuring efforts and strategic goals.