Israeli unicorn Verbit, known for its AI-powered real-time transcription and captioning platform, is implementing a layoff affecting 60 employees, with 20 of them located in Israel. 

As of now, Verbit employs a total of 1,048 individuals, marking a significant increase compared to the previous year when its workforce was around half that size, reported CTech.  

The notable surge in employee count is attributed to the company's decision to convert many of its regular transcribers from freelancers to full-time employees.

In July of last year, Verbit underwent an organizational restructuring that resulted in a 10% reduction of its workforce. The majority of the approximately 80 layoffs occurred in the United States.

"In recent years, Verbit has acquired six companies, leading to duplication of roles. Now, as part of the company's streamlining process and to achieve profitability, Verbit is parting ways with 20 employees in Israel and approximately 40 employees abroad. Currently, the company is providing assistance to all departing employees in finding new opportunities to continue their professional journey,” the company said in a statement.