Proptech company VTS, which made a number of big acquisitions in recent years betting on a return to office, slashed jobs in a round of layoffs.
The company made cuts totaling 20 percent of its workforce last week, a spokesperson confirmed to The Real Deal.
“As we continue to scale, we want to ensure that our growth is strategic and that resources are allocated in the best way possible,” the spokesperson wrote in an email. “That being said, we’ve made the difficult decision to reevaluate a portion of our team. We’re extremely grateful for all the time, energy and creativity that these team members have dedicated into making VTS what it is today and we’re looking forward to accelerating our investment into the various areas of the business that will best service our customers for years to come.”
VTS reached a valuation of $1.7 billion in 2022 when it landed a $125 million funding round led by CBRE. It was seen as a big bet that VTS’ technology would be in high demand for landlords looking to attract tenants in the new hybrid work paradigm.
The company’s services — which include technologies for property owners to market spaces and to help businesses operate their offices — reportedly generated more than $100 million in revenue.
Over the past few years, VTS acquired two major players in the tenant experience space. In 2021, the firm paid $100 million to acquire Rise Buildings, an app that tracks worker movements for things like scheduling conference rooms. A few months later it acquired the workplace experience platform Lane for $200 million.
Nick Romito founded VTS (then called View The Space) in 2012 with Ryan Masiello and Karl Baum. Baum left the company in 2018.
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