Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Veriff, a secure identification verification startup, announced that 63 employees, out of the company's 300 staff, will be made redundant. Overall, during the coronavirus pandemic, the company's business continued to grow due to new clients. In Europe and the USA, the verification process is mostly automatic, as opposed to Africa, where, the standards of ID photos require manual verification. As the latter market segment has currently collapsed, the company decided to lay off 20% of its employees, who have been involved in manual identification.
Veriff was founded in 2015. It grew rapidly in 2019 when the number of employees increased from around twenty to 300 over the year.
Eurofound (2020), Veriff, Internal restructuring in Estonia, factsheet number 100570, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100570.