We are in the beginning stages of releasing the next generation of TealBook, a Supplier Data Platform (SDP) that will integrate transparent and increasingly better quality supplier data across more attributes into any customer chosen e-procurement systems and tools. SDP will change us as an organization, from selling TealBook through an application with limited use cases to enabling all use cases that require better supplier data quality and updated supplier information across the entire procurement lifecycle. These changes are going to have a profound impact on our strategies and focus over the next 12 months.
Additionally, the market has changed dramatically. Access to capital has decreased by as much as 80% and raising additional capital in this environment is challenging. While it’s impossible to predict the economy or the markets, we need to plan conservatively so we can operate even in the worst scenarios, but still be in a position to capitalize when the time is right. Therefore, the prudent thing to do is to stretch our capital, extend our runway, and stay laser focused on our goals so we are ready when that moment arrives.
In order to achieve the above, we have made the difficult decision to reduce the size of our team and part ways with 34 incredibly talented, passionate, kind and creative people who have helped build TealBook to what it is today. This is not the outcome we hoped for but we believe that being hyper focused on value to our customers and launching new transformative capabilities will put us in a strong position to have over 40 months of runway and be the leading Supplier Data Platform in the market.
Those impacted by today’s decision will receive:
Severance: A minimum of 8 weeks salary continuance, plus additional weeks aligned to tenure.
Benefits: To ensure continued coverage for employees and their dependents, TealBook will pay the full cost of their benefit plan premiums for the duration of the severance period.
Outplacement services: We have partnered with a renowned organization to provide and pay for outplacement services for those affected to best set them up for success in the next chapter.
Equipment: We are giving all employees an option to keep all of their home office equipment, including laptops, monitors and other such items.
As we connect with those who have been impacted, we will share their name and contact information with our network to make sure they find a new home as quickly as possible. This decision has nothing to do with their individual performance and we are confident that their time spent at TealBook will benefit other fast growing tech companies lucky enough to welcome them. We are forever grateful for their contribution and will support whichever way we can through this transition.