The Vancouver-based company, Kabam, the gaming company that has developed mobile games in conjunction with entertainment companies such as Marvel, Universal, and Disney, has terminated the employment of 35 employees, corresponding to a workforce reduction of approximately 7%.
As per the source, Kabam went through the strategic priorities process, and they concluded that their organizational structure needed to be adjusted.
This indicates that, despite the fact they will keep recruiting qualified candidates for crucial positions in the year ahead, they will, regretfully, be cutting their workforce by close to 7%.
In a statement, a spokesperson for Kabam said that for those who are parting ways, the firm appreciates their contributions to their success and is helping them through these tough transitions.
The firm generates millions of downloads in total Kabam through its list of mobile games, including Disney Mirrorverse, Shop Titans, Marvel Contest of Champions, Transformers Mini Guns, : Forged to Fight, Fast & Furious 6: The Game, Fast & Furious: Legacy involved.
The company has studios and offices in San Francisco, Charlottetown, Austin, Los Angeles, and Montreal. As per the sources, the firm was acquired by Netmarble Games for $700 million to $800 million.
If sources are to be believed, Kabam manages its operations in Netmarkable in North America. With an aim to bring several Netmarble games titles to Western markets.
During this economic slowdown, Kabam is among the leading companies in the tech world that have cut its labor force.
Companies including Spotify, Tencent, and Netflix also let some of their team go. Similarly, Indian startups such as Byju’s, Ola, and Unacademy have also laid off numerous of employees to lessen the load of limited investments and funding.