Einat Gaz, founder and CEO of Papaya (Photo: Tom Holiganov)
The founder and CEO of the high-tech company Papaya Global, Einat Gaz, announced this morning (Thursday) that she has decided to take all of the company's money out of Israel following the promotion of the legal reform. "There is no certainty that we can conduct international economic activity from Israel, this is a painful but necessary business step." According
to
Gaz: "Following Prime Minister Netanyahu's statements that he is determined to pass reforms that will harm democracy and the economy, we made a business decision at Papaya Global to withdraw all of the company's funds from Israel. In the emerging reform, there is no certainty that we can conduct international economic activity from Israel."
Gaz, As mentioned, she is one of the three founders of the company, which she founded in 2016 together with Ofer Herman (who serves as the company's chief technology officer) and Reuven Drong (currently the company's chief innovation officer).
The company's latest fundraising round reflected a value of approximately $3.7 billion , which makes it one of the largest among the so-called "unicorn" companies.
Amit Yampolsky, director of the Papaya company (Photo: Mark Israel Salem)
The company operates a cloud computing based system, which manages everything related to the management of employees, freelancers and contractors by contractor companies, in all aspects of employment: salary, social conditions, benefits and payments.
The company's services are essential mainly for global corporations, those that employ workers in several countries and have to deal with different systems of labor laws.
The company also provides communication between the global companies and local employees, where the system is based on business intelligence, which enables decision-making based on data - and has over 700 clients, among them from the largest corporations in the world, such as Intel, Microsoft, Johnson & Johnson, McDonald's, General Electric and more.
The company has about 800 employees scattered around the world - from Texas to Poland, but more than half of them are employed in Israel - and it is currently unclear what the decision means for them.
news
flashes
Tags
High tech
Benjamin Netanyahu
Judicial system
