Israeli software company Monday.com announced Wednesday a restructuring plan that will see approximately 620 employees laid off, representing about 20% of its global workforce.
Around 350 of those affected are expected to be in Israel, most of them from the company's Tel Aviv offices.
The move marks one of the largest rounds of layoffs in Israel's high-tech sector this year and follows a series of cost-cutting measures announced recently by other tech companies.
About two weeks ago, MyHeritage announced it would lay off approximately 75 employees, around 15% of its global workforce. In May, Wix said it would cut about 920 jobs, roughly 20% of its workforce.
Fintech company Rapyd has also recently carried out a significant round of layoffs as the technology sector continues its broader trend of cost-cutting measures.