On Tuesday, we took the difficult decision to lay off 350 employees, 18% of our 1,900 global team members. I write this with incredible sadness and deep regret. The people we let go are our friends and our family. They have helped us build this company and have defined its culture.
Until just weeks ago, we were expanding our team and executing on a plan that forecast 50%+ revenue growth year over year. We were investing ahead with the belief that our market opportunity would continue to grow.
In an instant, the world changed, and we were confronted with a new reality. It is impossible to predict the full impact of COVID-19 on the global economy and how that will flow through to our customers, but it is clear that economic output in North America is contracting rapidly and no business will be spared the impact.
While we are hopeful for a fast recovery, we have a duty to our customers to make sure Motive can weather any storm. The actions we have taken to reduce our costs, ensure that we can continue to serve the 65,000 companies and 300,000 drivers that depend on us, in even the worst case COVID-19 scenario.
We have the capital and resources to maintain the quality of service that our customers have come to expect. Our 300 person Support and Customer Success team remains ready to address our customers’ needs with 24/7 coverage via phone, email, and chat. Our transition to remote work has been seamless and our customer satisfaction scores are at an all-time high.
We also continue to invest heavily in product innovation that improves driver safety and productivity, at a time when businesses need it most. Over the coming weeks, we are releasing a number of new features including significant enhancements to our GPS tracking experience that will enable our customers to track their vehicles and assets in real-time, a revamped safety dashboard that will help fleets identify the most dangerous behaviors in their fleet and proactively work with their drivers to reduce risk, as well as many improvements to our core ELD compliance capabilities.
Our 1,550 employees are more dedicated than ever to serving the people who keep our economy moving. The actions we have taken today ensure that we can continue to solve the most meaningful problems our customers face for years to come.
Thank you for allowing us the opportunity to serve you.
Founder and CEO