The Esh Group, led by Nir Zuk, has begun a round of layoffs at its technology company, eOS. The move follows the agreement to sell Esh Bank to Isracard. The technology company was not part of the sale, but the acquisition is expected to have an impact on its operations.
What happened
The Esh Group's technology company, eOS, is undergoing an organizational restructuring that includes layoffs. This restructuring is intended to align the company with technological developments, recently signed agreements, and future customers.
How many employees affected
The layoffs affect dozens of employees, primarily in development roles. The exact number of employees affected has not been disclosed. The company was designed to operate with a lean structure of under 100 employees.
Why layoffs happened
The layoffs are occurring as the Esh Group adapts its systems and capabilities following the sale of Esh Bank to Isracard. Another possibility is that the technology has matured, reducing the need for a large development team.
Company background
Esh Bank was established as a fully digital bank, without physical branches, relying on advanced technological infrastructure and online services. The Esh Group's technology company, eOS, developed the platform for the bank.
Industry impact
The sale of Esh Bank to Isracard and the subsequent restructuring at Esh Group highlight the ongoing evolution and consolidation within the fintech industry.
What's next
The Esh Group will continue to align its technology company with its future plans, focusing on technological developments and serving its expected customers later this year. The company expects to complete its organizational restructuring.