Exabeam To Lay Off 20 Percent Of Workforce
Wade Tyler Millward
‘Continuing and challenging macroeconomic conditions made it clear that we needed to make necessary course corrections,’ Exabeam CEO Adam Geller said in a blog post.
Exabeam will cut about 20 percent of its workforce to “strengthen our financial health as we navigate global macroeconomic headwinds,” said CEO Adam Geller in a blog post this week.
The restructuring “will better align departments across the company for operational efficiency and continued innovation,” he said in a Wednesday post. It was not immediately clear how many employees Foster City, Calif.-based Exabeam had before the layoffs.
“Continuing and challenging macroeconomic conditions made it clear that we needed to make necessary course corrections,” he said. “This is not a decision we took lightly, but one that is essential for the financial health of the business.”
Exabeam Conducts Layoffs
Exabeam told CRN that prior to the news Wednesday it had about 670 employees around the globe but could not share any information beyond what was in the blog post.
Exabeam has about 275 worldwide channel partners, according to CRN’s 2023 Channel Chiefs. It has about 90 in North America.
It previously raised a $200 million Series F round of funding in 2021, valuing the vendor at about $2.4 billion and setting it up to potentially go public.
Exabeam joins a host of other technology vendors and solution providers that have laid off employees this year as spending on technology decreases since the height of the pandemic and as organizations face high inflation in the U.S..
The blog post said that cuts are “not limited to any single group—they are being made across all departments and geographies, among both employees and contractors.”
“Exabeam is fully focused on our strategic priorities as we head into FY25 and beyond,” according to the post. “We remain committed to AI-driven security operations innovation and will continue maximizing value for customers, partners, and the business.”
Some Exabeam employees confirmed their layoffs on social media network LinkedIn this week, with employees in sales, recruitment and training among the affected groups.