Exabeam Layoffs Hitting 20% of Workers as Part of Restructuring

Exabeam layoffs are impacting 20% of its global workforce amid continuing and challenging macroeconomic conditions.

Exabeam CEO Adam Geller announced the layoffs in a blog. Prior to the layoffs, Exabeam had roughly 650-700 employees.

The layoffs are part of a a business restructuring that will "better align departments across the company for operational efficiency and continued innovation, as well as strengthen our financial health as we navigate global macroeconomic headwinds," Geller said.

Exabeam's Adam Geller

"We’ve made solid strides executing on our fiscal year 2024 plan, especially in the areas of cloud-native, artificial intelligence (AI)-driven product development and cost of goods (COGS) reduction," he said. "However, continuing and challenging macroeconomic conditions made it clear that we needed to make necessary course corrections. This is not a decision we took lightly, but one that is essential for the financial health of the business."

Exabeam is the latest of many companies doing business in the channel to announce layoffs. Among them are Cisco, Slolam and Exertis.

Exabeam Layoffs Impacting All Departments, Geographies

The scope of the Exabeam reductions isn't limited to any single group, Geller said. The layoffs are taking place across all departments and geographies, among both employees and contractors.

Related:Updated Telecom-IT Layoff Tracker September 2023: Cisco, Ingram Micro, Trellix, T-Mobile, More

"I am deeply sorry we’ve had to make this difficult decision," he said. "We are incredibly grateful for the contributions from the individuals impacted. Each person leaving Exabeam made the company what it is today: a cybersecurity market leader helping worldwide security teams more efficiently secure and defend their organizations in a time of accelerated and relentless cybersecurity attacks."

Exabeam is "fully focused on our strategic priorities as we head into fiscal year 2025 and beyond," Geller said. "We remain committed to AI-driven security operations innovation and will continue maximizing value for customers, partners and the business."

In September, Exabeam unveiled its latest AI-driven security operations advancements. Exabeam says it’s one of the first companies to apply AI to address the limitations of traditional and legacy security information and event management (SIEM) solutions. Since announcing its New-Scale SIEM last October, the company has had more than 400 new product features in the last 11 months.