Online Marketplace Ten-X Lays Off 10% Of Workforce
Less than a year after it was acquired for $1.6B, online real estate marketplace Ten-X laid off roughly 100 workers this week, sources told Bisnow.
The layoffs occurred six months after the Irvine, California-based tech company was bought by private equity firm Thomas H. Lee Partners for $1.6B, according to the Wall Street Journal. THL declined to comment.
Employees in Ten-X's New York and Irvine offices were affected by the layoffs that occurred Monday, according to a source. The firm employs roughly 1,000 people and also has offices in Atlanta, Miami and Austin, Texas.
Ten-X Chief Commercial Officer Maureen Waters said in an official statement the layoffs were part of a three-phased shift in the company's business strategy to focus on data, automation and experiences to better serve its customers.
“As part of this transformation, Ten-X is realigning its organization, which has included right-sizing and streamlining the customer experience,” Waters said. “This realignment will allow Ten-X to provide a different level of experience to sellers, brokers and buyers alike.”
Ten-X’s platform allows companies to buy and sell real estate online, and has been used to transact $53B worth of property sales since its inception.
UPDATE, FEB. 13, 6:42 P.M. ET: This story has been updated to include comments from Ten-X and to reflect the total value of THL's purchase of Ten-X.