Digital payments platform Stripe has reportedly laid off some of the employees who support TaxJar, a tax compliance startup that it acquired last year.
The layoffs -- conducted over the last month -- are related to Stripe's decision to wind down TaxJar-focused go-to-market efforts in late July, citing sources, TechCrunch reported.
Sources estimate the number of employees impacted by the workforce reduction is between 45 and 55 folks, at least a portion of whom were invited to take 30 days to apply to internal jobs at Stripe.
Stripe bought TaxJar, a provider of a cloud-based suite of tax services, in April 2021 to help its customers "automatically calculate, report and file sales taxes".
In July, Stripe went through a 409A valuation process that saw its internal valuation cut by 28 per cent.
The company is valued by investors at $95 billion, but the implied new internal share price is around $74 billion.