Olo develops digital ordering and delivery programs for restaurants. Credit: DD Images via Shutterstock.com

Olo, the open SaaS platform for restaurants, has announced that it is downsizing its team by 11% by laying off 81 employees.

The company’s founder and CEO Noah Glass noted that the move will help shape the future of Olo and will put the company on a stronger path to growth.

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Employees departing from the company will receive three months of paid severance, plus one additional week per year of tenure, as well as three months of paid COBRA health insurance for employees and their dependents.

Additionally, the employees will receive accelerated equity vesting through the end of the calendar year 2023 and LinkedIn Premium services for three months.

Glass said: “Olo’s success is thanks to the passion and talent of our people and having to say goodbye to dedicated members of the Olo team is challenging. These people are our colleagues and friends and I feel deeply for those impacted.

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“We are committed to providing each of you with relevant information promptly and extending our full support throughout this challenging period.

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“While saying goodbye to colleagues and friends is never easy, I am confident we will move forward and navigate this time in Olo’s history with resilience and emerge stronger than ever for the exciting journey ahead.”

As part of the company’s strategic reorganisation plan, Olo has appointed Joanna Lambert as its new chief operating officer.

Lambert will assume the new role on 5 July 2023 and will be reporting to Glass.

She will be leading Olo’s product and engineering organisations, including the evolved Business Units, driving the strategy and growth of our three product suites—Order, Pay and Engage.