The Montreal-based payments-technology company announced it has cut about 300 staff as part of a restructuring effort to unify companies and products after its recent acquisitions. Half of the cost savings will come from reductions in management roles. (The Logic)

Talking point: Last year, CEO JP Chauvet was vocal about avoiding layoffs despite an economic downturn that affected a number of tech companies (SoftBank-backed Clearco, for example, just announced another round of layoffs Monday). In November, Chauvet told The Logic that Lightspeed was better able to face headwinds because it benefits from clients like physical stores and restaurants, a segment that grew as pandemic restrictions lifted. In Tuesday’s release, Chauvet said a leaner structure will allow the company to be more responsive and innovative. It estimates that the layoffs will lead to a restructuring charge of US$12 million to US$14 million in the fourth quarter, mainly consisting of severance payments, employee benefits and related costs. Shares of Lightspeed closed more than one per cent higher on the Toronto Stock Exchange on Tuesday.