Israeli cybersecurity company Cybereason confirmed today that it has begun an additional round of layoff in which it will cut its international workforce as part of a streamlining process, which will allow an improved expenditure structure, focus on core products including its XDR end-point prevention platform and adapting to the expected macroeconomic changes of a deep recession.
The company said that it will lay off 17% of its employees including 50 in Israel. According to LinkedIn, Cybereason has more than 1,100 employees.
The company added, "This is a difficult decision for us and we are making every effort to assist employees in the process in their future prospects. Because market conditions have changed significantly and the tech IPO market is effectively closed, a company like us must work with strict financial discipline and prioritize financial efficiency over growth. Demand for our technology remains high and we are continuing to build an independent global company with long-term strategic targets."
Cybereason was founded in 2012 by CEO Lior Div, CTO Yonatan Striem-Amit, and CVO Yossi Naar and operates in 50 countries. The company's platform allows customers to see the full picture of attack incidents on one screen rather than through hundreds of alerts.
The layoffs come after the company reportedly hired investment bank JPMorgan to find a buyer. Cybereason has raised $750 million, according to PitchBook, and investors include SoftBank Vision Fund II, Alphabet (Google), and Liberty Strategic Capital, the investment firm of former US Treasury Secretary Steve Mnuchin. Other investors include CRV and Spark Capital. Cybereason's most recent financing round was completed last July when it raised $275 million, at a company valuation of $3.2 billion.
Published by Globes, Israel business news - en.globes.co.il - on October 26, 2022.
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