Toyga Lays Off Developers and Sales Staff in Israel amid Cost Optimization

Israeli company Toyga Media has laid off some employees in its Israeli office, sources with knowledge of the matter shared with Finance Magnates. The job cuts are resulting from an effort to optimize the cost structure of the company’s operations.

According to one source, the number of layoffs amounted to at least 11 percent of the global workforce of the company. With over 500 employees at the firm, total job cuts affected several dozen people. Most of the cuts are amongst the development team in Israel, with operations shifting to the Ukrainian offices of the company in Kiev and Odessa.

Toyga Media

Toyga was founded in 2008, with the firm offering services in the financial services sector including some Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokers.

Numerous brokers have been refocusing their technology and R&D operations outside of Israel with Eastern Europe being one of the top destinations in recent years. The competitive landscape in the Israeli Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term space, it is becoming a tough environment to find cost-effective developer talent.

Dealing With Rising Costs

Outsourcing of technology teams outside of Israel has been a popular trend in the brokerage industry for many years. With the entrance of countries such as Bulgaria and Romania into the EU in 2007, and accession talks with Serbia and Bosnia and Herzegovina more recently, a number of Israeli firms have flocked to open local hubs in countries with favorable labor laws and competitive tax regimes.

In the aftermath of the Ukrainian conflict that shattered the country since 2014, the country has become an attractive destination with a relatively cost-effective talent pool.