Security provider Sophos, like many other ICT companies, is set to cut costs due to the uncertain global economic situation and has announced that it will lay off around 10% of its global workforce. As‘TechCrunch‘ reports, 450 employees are affected.
UK-based cybersecurity vendor Sophos has announced plans to lay off around 10% of its global workforce. The company confirmed this to TechCrunch. The reason for the redundancies is an internal restructuring to achieve optimal growth and profitability, especially in the face of the ongoing and worsening economic crisis.
According to TechCrunch, around 450 employees have been affected, although Sophos did not confirm the exact number. Affected employees in India were informed on Tuesday and asked to hand in their resignations.
The India Times also reported layoffs in the country, where Sophos has operated a data center since March 2022.
Sophos has announced it will increase its focus on cybersecurity services, particularly“managed detection and response,” to achieve its goal of becoming a leader in the global cybersecurity market.
Sophos’s technologies help more than 500,000 organisations worldwide, generating more than US$1 billion in revenue. The company’s managed services business generates more than USD 175 million annually and is growing by more than 50% each year.
In March 2020, Sophos was acquired by private equity firm Thoma Bravo for $3.9 billion. In a statement, the company said it was grateful for the contributions of all employees who have helped make Sophos a leader in the cybersecurity industry and protect the world from the dangers of cybercrime.
Sophos thus joins a growing list of technology companies that have had to lay off employees due to financial difficulties. In recent months, tech giants such as Amazon, Meta and Microsoft have also cut thousands of staff.
The layoffs at Sophos show that companies are also affected by the impact of the economic crisis. Despite the difficult situation for the affected employees and their families, there is still a great shortage of IT and security experts on the labour market, which should make it easier for the affected employees to find new employment.
It remains to be seen how Sophos’ restructuring will affect the company and the industry. What is certain, however, is that the economic crisis continues to have an impact on companies and workers, and that uncertainty about the future is ongoing.