Logistics software startup Flexport is slashing its workforce by 20% in the face of weaker markets, the co-chief executives of the company have confirmed.

The digital freight forwarder said the reductions will be spread across North America, Europe and Asia, the company said. Flexport currently employs more than 3,000 people, according to its LinkedIn page.

“While we are looking forward to what’s to come in 2023, we must also make hard decisions necessary to set us up for long-term success,” said co-CEOs Ryan Petersen and Dave Clark.