However, the layoffs were not communicated to the wider company. This comes after an earlier round of layoffs in May, which reportedly impacted at least 50 employees.Ĭircles.Life, which currently has nearly 1,000 employees according to LinkedIn, saw various departments affected, including Marketing, P&C, Engineering, Product, and the entire B2B Circles X team.Īffected employees were apparently provided with the standard severance package – a two-month notice period and gardening leave – depending on their duration of employment.Īccording to some of the digital telco’s employees, the most recent layoffs were handled in a similar manner to a previous round of layoffs in 2020. Employees were informed through individual meetings dubbed “quick sync” with their line managers, while some received physical letters or emails on the day itself. While the exact number of employees affected by the recent layoffs remains unverified, it is estimated to be around 20 to 30 employees. This downturn in the tech sector has forced several prominent companies, including digital telco Circles.Life, to implement significant layoffs earlier in June. Singapore’s thriving tech industry, once hailed as a beacon of growth and innovation, has been hit hard by the tech winter. 3) Circles.Life executes layoffs amidst allegations of toxic management Image Credit: Circles.Life via Facebook The company’s sole secured creditor, Formation Group, has only managed to recover S$700,000 from honestbee’s assets, a far cry from the US$4 million worth of debentures held by the venture capital. BDO, the appointed liquidator for honestbee, was only able to recover S$720 from excess payments related to “electrical supplies.” In May this year, the failed grocery delivery startup was reported to have had no funds available to settle outstanding debts to former staff, vendors, and other unsecured creditors, amounting to S$319.9 million. Although Ong embarked on a series of strategic measures to reorganise the company, these attempts proved futile as the company was ultimately placed under liquidation in July 2020. The company experienced remarkable success within months of its operation, successfully establishing a presence in eight countries across Asia by the end of 2018.īut as swiftly as it achieved success, its downfall was equally rapid – in 2019, the company faced a financial crisis due to poor capital management by its co-founder and CEO at the time, Joel Sng.Īs the company grappled to maintain its stability, Joel was ultimately ousted from his position, with Ong Lay Ann assuming the role of CEO. Today, Creative has global offices in Shanghai, Tokyo, Dublin, and Silicon Valley, and last year, it raked in sales of US$61 million.Ģ) Honestbee owes S$319.9 million to former staff, vendors, creditors Image Credit: Honestbeeįounded in 2015 by three Singaporean entrepreneurs - Joel Sng, Isaac Tay, and Jonathan Low - honestbee quickly gained momentum as an e-grocer. One of the company’s most notable products is the Sound Blaster, a line of sound cards that revolutionised personal computer audio and helped establish Creative Technology as a leader in the field. Under Sim’s leadership, Creative Technology grew into a global brand, with a reputation for producing some of the best audio products on the market. In 1988, Sim established an office in the United States and began selling the standalone Sound Blaster sound card, which quickly gained popularity in the gaming industry and led to the success of Creative Technology.įour years later in 1992, the company became the first Singaporean company to be listed on the US Nasdaq stock exchange, and by 2000, Sim was named Singapore’s youngest billionaire at the age of 45. ![]() Back then, the duo’s first project was a multilingual computer with sound and music capabilities, but it was not successful due to a lack of demand and third-party support. Sim started his career in 1981 by opening a small computer repair shop in Chinatown with his childhood friend Ng Kai Wa. Unfortunately, he passed away in January at the age of 67, leaving behind a legacy as a successful businessman and innovative thinker. ![]() Sim Wong Hoo was widely known as the founder, chairman, and CEO of Creative Technology, a Singapore-based company known for its innovative and high-quality audio products. Here are some notable headlines that have made waves in the tech and business landscape in 2023: 1) Creative Technology CEO passes away at 67 Image Credit: Creative Technology Some suffered, some persevered, while some have even thrived in the face of adversity. ![]() Amidst the backdrop of a global cost-of-living crisis, an expanding war in the Middle East and increasing concerns of a possible recession, Singapore’s tech and business landscape has navigated choppy waters over the past year.
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