Placester, tech platform for real estate professionals, slashes staff amid shakeup

Co-founder Matt Barba will again lead the Boston-based firm

National /
Dec.December 07, 2018 06:30 PM

Matt Barba and Omar Hussain. (Credit: Placester)

Real estate tech platform Placester, which was valued at $200 million last year, has laid off more than 100 employees in a companywide restructuring that will return it to “development mode.”
Changes at the Boston-based firm that provides mobile services to real estate professionals, included its top executive. Its original CEO and co-founder Matt Barba will return, according to Inman. He had been replaced by Omar Hussain earlier this year. Hussain arrived at the company from Imprivata, a healthcare IT security company. Barba was most recently chief technology officer.
The company’s vice president of marketing, Seth Price, said that firm will return to “development mode.”
“It’s the hardest thing to do, when you have something that’s going well, to put on the breaks and say, ‘hey, we’ve got to go into development mode and build for a period of time,’” Price told the outlet.
Placester, which was founded in 2010, has raised $100 million and is backed by New Enterprise Associates and Romulus Capital. It featured in The Real Deal’s top real estate tech deals of 2017, after securing a $50 million funding round, and was valued at $200 million at the end of the year.
The layoffs happened Thursday, and reportedly left just 25 employees at the company, down from over 1f40. Amid the announcements, Hussein will now serve as executive chairman of the board. [Inman] — David Jeans

Related Articles

arrow_forward_ios
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
Sundae co-founders Josh Stech and Andrew Swain (Sundae via LinkedIn)
Distressed-property startup Sundae raises $80M in Series C round
Distressed-property startup Sundae raises $80M in Series C round
Lev Capital raises $30M Series A round
Lev raises $30M Series A round
Lev raises $30M Series A round
Condos.com founders Richard Swerdlow and Neel Kawale (Getty, Hauskey, Condos.com)
Condos.com launches as iBuying website for new development units in US
Condos.com launches as iBuying website for new development units in US
Starrett-Lehigh Building at 601 West 26th Street and 1740 Broadway (iStock, EQ Office, Suma Industries)
Commercial landlords shake up offices to lure tenants back
Commercial landlords shake up offices to lure tenants back
Fifth Wall’s Brendan Wallace and actor Robert Downey Jr. (Getty)
Fifth Wall, Robert Downey invest in climate tech financing firm
Fifth Wall, Robert Downey invest in climate tech financing firm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...