Credit report repair company Progrexion quietly laid off more than 100 employees last month, according to documents viewed by Crunchbase News.
The Salt Lake City-based company, which is owned by private equity firm H.I.G. Capital, cut staff across multiple departments, according to documents dated May 5. It’s unclear what percentage of the company is affected by the layoffs.
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The company uses technology to monitor and fix credit reports. It owns Credit.com, CreditRepair.com and Lexington Law. Crunchbase News reached out to Progrexion for comment on Tuesday, and will update this story if the company responds.
Progrexion is one of dozens of U.S. companies in the tech and financial services spaces that have gone through mass layoffs in recent months. Publicly traded companies including Netflix, PayPal and Robinhood have also shed staff, along with high-profile startups including Bolt, Klarna and Loom. According to a Crunchbase News tally this week, more than 17,000 employees of U.S.-based tech companies have been laid off so far this year.
Other tech employers have announced plans to slow or freeze hiring in the challenging market environment. Uber, Instacart, and Tesla are just a few that have said they’ll pause or slow hiring, while companies including Coinbase have rescinded accepted job offers.
The new environment for tech employers stands in sharp contrast to last year, when the stock market rallied and startups raised record amounts of venture funding and went on hiring sprees.
If you know of any companies in the tech space that have gone through layoffs, please let us know with this form.
Related reading:
- U.S. Tech Layoffs Top 17K For 2022
- The VC Reset: May 2022 Funding Falls Again, But Not At Every Stage
- Sequoia Latest To Issue Warning Shot To Founders
- Y Combinator Warns Startup Founders Of Economic Downturn: ‘Plan For The Worst’
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