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The CEO outlined several business priorities moving forward.
October 26, 2022
Despite rumors to the contrary, Cybereason, which confirmed more layoffs this week, isn’t looking for a buyer and isn’t planning to sell the company.
That’s according to a blog by CEO and co-founder Lior Div addressing the company’s latest layoffs. On Wednesday, Cybereason confirmed layoffs impacting 200 workers, or 17% of its workforce. This comes after it cut about 100 workers or 10% of its workforce this past summer in Israel, the United States and Europe.
Cybereason’s Lior Div
“While I generally refrain from commenting on market rumors, I am making an exception in this case to provide our employees, customers and partners with absolute assurances,” Div said. “We are building an independent cybersecurity company for the long term. We are not looking to sell the business. This restructuring, while painful, positions us as a financially resilient, standalone market leader.”
Earlier this week, The Information reported that Cybereason had ditched its initial public offering (IPO) plans and instead was looking for a buyer. It said the company had hired JP Morgan Chase to find a buyer.
“As you all know, less than a year ago we were marching toward an IPO and in the process, invested aggressively in R&D, sales and marketing,” Div said. “As the markets turned, we adjusted our spend and clarified our priorities to focus on customer happiness and innovation in extended detection and response (XDR). While we are making significant traction in these areas and our growth remains strong, we are seeing significant volatility in the global financial markets that require us to prioritize profitability over growth.”
Div said over the coming days and weeks he will outline Cybereason‘s way forward in detail. In summary, it will include the following:
Continuing to prioritize “customer happiness” above all else.
Expanding its focus on the midmarket segment, especially in North America.
Focusing its engineering resources on delivering its Open XDR platform.
Optimizing and simplifying the product experience to meet the evolving needs of today’s overburdened defenders.
Reducing costs related to marketing programs, software and travel.
“There are no words that can express how hard these decisions are to make, and as an organization I expect all of you to hold me and the leadership team accountable as we continue on this journey,” Div said. “While saddened, I also remain optimistic and dedicated to our mission to protect the thousands of customers who trust us to secure their businesses. No other company in our market has our track record for protecting organizations from cyberattacks and our work is far from done. “
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