Supply chain software startup Flexport is laying off 20% of its global workforce, or roughly 640 employees, according to a memo from co-CEOs Ryan Petersen and Dave Clark, reports CNBC.

The company’s freight forwarding and brokerage services are in the cloud, enabling it to analyze costs, container efficiency, and greenhouse gas emissions quickly and with more accuracy than legacy systems.

The co-CEOs cited the global macroeconomic downturn and softening trade volumes, but wrote, “As the economy recovers... we’re going to need to be nimble, fiscally responsible and focused on building fast with operational excellence.”

Flexport joins a long list of tech companies cutting jobs after going on a hiring binge during the Covid pandemic, including recently announced layoffs from Amazon, Salesforce and Coinbase.