UK-based cyber security unicorn Snyk is reportedly cutting 14% of its global workforce, becoming the latest casualty of the tech downturn.
For the first time, Art A pragmatic engineer George AroshSnyk cited “headwinds in the global economy” as the reason for the reduction of 200 jobs.
Founded in 2015 in London and Tel Aviv, the cybersecurity company, now based in Boston, develops products that help software developers assess security flaws in their code.
The company has soared to $8.5bn (£7.5bn) after a $530m (£486.1m) funding round in September 2021when it received investment from major backers including Tiger Global.
Snyk CEO Peter McKay in a message for the company wrote that “while our business continues to grow,” market conditions have made it necessary to “restructure and reduce our global workforce.”
McKay said: “It is painful to say goodbye to Snickers and friends who have 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.”
The ad should be a company statement in June in which McKay described the need to evolve the company’s mindset and commit to becoming “free cash flow positive in 2024” as the company experiences aggressive growth.
Several major tech firms in the UK and abroad have recently announced redundancies, e.g. Goat, I hopeand a technology investor SoftBank.
UKTN reached out to Snyk for further comment.
