The company said the redundancies were because of increased corporate tax levels across the EU which is severely impacting on its bottom line results.
Most of the redundancies will come at its main offices at Herzliya North Tel Aviv where most of their employees are based. All of the affected employees will know if they have lost their jobs by the end of July.
Back in April 2017 the company did say that it was reviewing its Gibraltar operation in the possibility of reducing employee numbers so the announcement of its Tel Aviv office redundancies has come at a shock to those working there.