The Montreal-based fintech also announced plans to buy back up to 10 per cent of its public float of shares. The layoffs will reduce its staffing-related operating expenditures by about 10 per cent, the company said. Shares of Lightspeed rose more than five per cent Wednesday. (The Logic)

Talking point: Recently reappointed CEO Dax Dasilva is on a cost-cutting mission. In an interview with The Logic last week, the founder of Lightspeed said cutting spending is one of the main topics of conversations he’s having with shareholders. Dasilva also said Lightspeed is reviewing its need for office space and would consider subleasing part of its Montreal headquarters. Lightspeed is one of Canada’s largest publicly traded technology companies, but its shares are more or less flat compared to its initial public offering five years ago. Dasilva has also said he would be open to an offer to take the company private. Earlier this week, Lightspeed competitor Nuvei announced that it has agreed to be acquired by Boston-based private equity firm Advent in a US$6.3 billion deal.