Israel-US cybersecurity company Varonis (Nasdaq: VRNS) has announced streamlining and cost savings measures that include laying off 5% of its workforce, or more than 100 employees including 40 in Israel. Before the layoffs Varonis had 2,060 employees worldwide including 700 in its Herzliya development center.
In its announcement Varonis said, "Varonis is announcing streamlining and savings measures due to weakness in the European market and concerns that it will spill over into a slowdown into the US market. The measure includes layoffs of 5% of the work-force across the organization as well as other streamlining and savings measures and is designed to balance between the company's ability to present profitability without harming otential growth and innovation."
On Friday, Varonis's share price fell 5.82% to $16.01, giving a market cap of $1.765 billion. The company's share price has fallen 38% over the past month.
Varonis is not the first Israeli cybersecurity company to announce layoffs over the past few weeks. Cybereason has laid off 17% of its workforce and Snyk has laid off 14% of its workforce.
Published by Globes, Israel business news - en.globes.co.il - on November 6, 2022.
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