Tom Wallace, founder and chief executive of Hawke's Bay property management software startup Re-Leased. Photo / Supplied
Tom Wallace, founder and chief executive of Hawke's Bay property management software startup Re-Leased. Photo / Supplied
Hawke’s Bay staff working for property management software company Re-Leased could be facing redundancies, with the company confirming it is consulting on a proposal to reduce headcount.
Hawke’s Bay is the research and development home for the company, and it employs dozens of people in the region.
The proposed layoffscome after a year of significant growth for the company, which included a round of investment totalling US$15 million ($22.5m) from JLL Spark Global Ventures in April 2022.
Re-Leased CEO Tom Wallace said in a statement that while he could not disclose specifics due to the ongoing consulting period, the company were undertaking cost-cutting measures.
“Like all businesses, we need to respond to the current economic climate and make changes as appropriate to remain resilient and continue providing value for our customers,” he said.
“Due to the shift in the market and uncertain investing environment, we have had to make changes to reduce our cost base, which unfortunately includes consulting on a proposal to reduce headcount across our business.”
Wallace also said Hawke’s Bay would not be disproportionately affected by any cutbacks, and it would continue to be home to significant company operations.
“We remain committed to Hawke’s Bay, which will continue to be our R&D home.”
Speaking to NZ Herald in April 2022, Wallace wouldn’t comment on company revenue, but said his firm processes more than US$10 billion (NZ$16.1 billion) in rent per year.
“Commercial real estate needs to adapt to remain relevant and thrive in a post-pandemic world,” Wallace said.
“This investment and partnership with JLL Spark will help to cement our place as a global leader in this technological shift.”
Wallace said the platform is used to manage some 50,000 properties and 100,000 leases across New Zealand, Australia, the United States, the United Kingdom and elsewhere, with the UK being the largest market.
