(Reuters) – Italian app developer Bending Spoons will lay off 75% of file-sharing platform WeTransfer staff, CEO Luca Ferrari said in a statement on Sunday.

Ferrari said “I won’t be more specific at this stage because the layoff hasn’t been fully defined yet,” in an emailed statement to Reuters.

The Italy-based app company made its fifth acquisition this year when it bought WeTransfer in July. Bending Spoons in February raised $155 million through a capital increase, taking the company’s valuation to $2.55 billion.

The owner of WeTransfer, which was founded in 2009 in the Netherlands, sought an initial public offering in Amsterdam with a targeted valuation of up to 716 million euros in 2022, but the plan was scrapped due to market volatility, it said at the time.

TechCrunch and Dutch media earlier reported about the job cuts at the company.

(Reporting by Devika Nair in Bengaluru, Additional reporting by Urvi Dugar; Editing by Ros Russell)