Big tech supplier Olo laid off staff Tuesday as it transitions to new ownership.
The scope of the job cuts was unclear, though social media posts from laid-off employees suggested that multiple departments were impacted.
Olo said that the decision was part of its shift to private ownership under Thoma Bravo, a large private-equity firm, which closed on its $2 billion acquisition of Olo last week.
“These strategic organizational changes will enable us to focus our resources on the key areas that matter most to our customers,” Olo said in a statement to Restaurant Business.
Layoffs are common in private-equity transactions as buyers look to improve the return on their investment. Chicago-based Thoma Bravo has made the same move with other holdings.
For Olo, it is the third round of layoffs in as many years. The company cut 9% of its workforce last year in an effort to cut costs and 11% in 2023 as part of a reorganization.
At the end of last year, Olo had 617 employees across the U.S., according to an SEC filing.
The New York-based company announced a deal to sell itself in July after four years on the public markets. It grew revenue by an average of 24% annually during that time and turned a profit in 2024, but its stock price declined 65%.
Olo was founded in 2005 and today offers online ordering, digital order integration, payments and marketing tools. It works with more than 750 restaurant chains.
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