Intellectual Ventures, the company Silicon Valley loves to despise, is laying off about 20 percent of its employees, Bloomberg Businessweek has learned.
On Tuesday, IV sent a memo to its workers, notifying them of the cuts. The company has been employing 700 people, which means about 140 will be let go. “We are making operational changes that are consistent with this reduction and will enable us to maintain and expand our leadership in the market for invention,” the company said in a statement. “Our assets—both people and intellectual property—are among the best in the industry.” Now, let me try to translate that.