IAC to Cut 81 Care.com Employees in Restructuring After Deal
(Bloomberg) -- IAC/InterActiveCorp. is cutting 81 jobs at Care.com, the online marketplace for caregivers it acquired in February.
The cuts are the result of a business review and not tied to the coronavirus, Care.com Chief Executive Officer Tim Allen said in an internal company memo Thursday.
A representative for IAC declined to comment on the memo, a copy of which was obtained by Bloomberg.
The cuts are in line with changes the company was making following the closing of the acquisition, which was worth about $500 million.
“This reorganization is in no way a direct effect of Covid-19's impact on our business,” he said.
The company's strategy is to make “heavy investment” in product innovation for families and caregivers, as well as safety protocols and technology, Allen said.
IAC owns more than 150 brands and products, including video-sharing platform Vimeo and the Daily Beast news website. Barry Diller, a billionaire media mogul, is IAC's chairman.
©2020 Bloomberg L.P.
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