UK-based tech giant Snyk is reportedly set to cut around 200 jobs.
Dubbed a “developer-first” cybersecurity company, Snyk was founded in London and Tel Aviv, Israel in 2015 by Assaf Hefetz, Danny Grander and Guy Podyarny.
It helps businesses find and fix vulnerabilities in their digital infrastructure by building security into the development process.
At the end of last year, Series F investment of around £436m values Snyk at more than £6.4bn. At the time, the company said it had hired more than 300 employees in 2021, and projected 800+ employees worldwide this year.
It is currently cutting 14% of its global workforce, according to Pragmatic Engineer’s George Orosh.
Scoop: Cybersecurity startup Synk lays off 14% of staff, ~200 people. The reason: “global economic headwinds.” The news was announced this morning.
A year ago (September 2021), the company raised $530 million at a valuation of $8.5 billion. Details of what was reported to staff:
— Gergely Orosz (@GergelyOrosz) October 24, 2022
He reported that Snyk CEO Peter McKay wrote in a company-wide message: “While our business continues to grow [market conditions have led to the need for] restructuring and downsizing of our global workforce.
“It is very painful to say goodbye to Snickers and the friends who helped build the foundation of our company, but today’s adjustments are necessary to best prepare us for future growth.
“We will do everything we can to support those we have parted ways with as they look for the next step in their journey.”
Aner Mazur, senior vice president of market strategy, is among those leaving the company after five and a half years with the company. Chief legal officer Karin Smith, who joined this year, will also leave.
Snyk is used by millions of developers and more than 1,200 customers worldwide, including Asurion, Google, Intuit, MongoDB, New Relic, Revolut and Salesforce.
Arosh said the aim is to focus more on the profitable enterprise segment rather than SMEs.
It is important to always put the security of the customer’s data first
