Exabeam Lays Off 20% of Staff, F-Secure to Ax Up to 70 Staff
Device Security.io – Michael Novinson
Two cybersecurity vendors, Exabeam and F-Secure, have announced layoffs as they face challenges in the market.
Exabeam has cut approximately 20% of its workforce, eliminating around 134 positions.
The layoffs impact all departments and geographies, with the majority of employees based in the U.S.
The decision was driven by the need for financial stability amidst challenging macroeconomic conditions.
Exabeam has been focusing on cloud-native, AI-driven product development and reducing costs.
The company has not disclosed any outside funding since June 2021.
F-Secure plans to eliminate up to 70 employees, with 50 in Finland and 20 elsewhere.
The cost-saving measures aim to improve efficiency and operational activities while ensuring profitability.
The company needs to streamline its organizational structure following its separation from the enterprise division and the acquisition of Lookout’s mobile consumer security business.
F-Secure’s revenue in the first nine months of 2023 increased by 12.9%, but its earnings before interest and taxation dropped by 23.6%.
Both companies acknowledge the difficulty of the decision and express gratitude for the contributions of the affected individuals.
The layoffs reflect the challenges faced by cybersecurity vendors in a changing market landscape.
Link: https://www.devicesecurity.io/exabeam-lays-off-20-staff-f-secure-to-ax-up-to-70-staff-a-23420