dvi JAV Capital-related Lithuanian information technology and computer programming companies are laying off more than fifty employees.
Shift4 Payments Lithuania has given notice of layoffs to 32 people, and Revel Systems, the Lithuanian branch of the US company, has given notice of layoffs to 24 people.
Shift4 Payments Lithuania has notified the Employment Service that it is laying off 32 out of 616 employees: mostly customer service specialists (13), quality, Android and Python operating system engineers, and information technology specialists.
Revel Systems has given notice of layoffs to 24 of its 191 employees - it is also laying off customer service specialists (6), systems quality engineers, software development engineers and other employees.
Both companies indicated to the Service that the reasons for the layoffs were organizational changes, which were determined by the decreased or eliminated need for their job functions.
According to the Center of Registers, 100 percent of the shares of Shift4 Payments Lithuania and Revel Systems are directly or indirectly controlled by the US company Shift4 Payments, which is headed by American Jared Taylor Isaacman.
Shift4 Payments Lithuania told BNS it "cannot share any information related to this process at this time." Revel Systems could not be reached for comment.
Shift4 Payments Lithuania's revenue in 2023 reached EUR 25,5 million, and net profit was EUR 909,2 thousand, while Revel Systems' revenue was EUR 15,1 million and EUR 711,3 thousand, respectively.
Authors: Lukas Juozapaitis, Sniege Balciunaite
