Israeli cybersecurity company Orca Security is laying off 15% of its workforce across all departments and equally in both Israel and abroad, sources close to the company have told "Globes." The sources also say that beyond downsizing the number of employees the aim is to reorganize and streamline the company.
Orca Security currently has 430 employees, many of them in Israel as well as offices in London, Bangkok and Portugal.
2023 was not an easy year for Orca Security. The Israeli cybersecurity company, which was founded in 2019, by former senior executives at Check Point Software (Nasdaq: CHKP), is engaged in cloud data security, became a unicorn in 2021.
In July 2023 it was reported that Orca filed a suit demanding that Israeli rival Wiz is prohibited from selling its products, which Orca claims violate its patents. In the suit filed in the Delaware court in the US, Orca Security claims that Wiz built its business based on the knowhow infrastructure that it had first developed and in this way intentionally violated its IP. Several months prior to the lawsuit cofounder and CEO Avi Shua was replaced as CEO by cofounder Gil Geron.
Orca said, "Orca has reached a peak in terms of the number of customers, revenue volume that has increased by hundreds of percent since the last financing round, and customer satisfaction according to surveys. This is in addition to a series of achievements, including our selection as a global security partner of AWS. However, like other companies that are required to become more efficient during this period, we too are going through a reorganization process and have to say goodbye to wonderful people, who helped bring Orca to where it is today. Depending on the restructuring, some employees will be able to be re-absorbed in the company in a different position. In addition, Orca continues to grow and hire employees for the company's departments that continue to grow."
Published by Globes, Israel business news - en.globes.co.il - on January 3, 2024.
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