Proofpoint, a cybersecurity company acquired by private equity firm Thoma Bravo for $12.3bn in 2021, has confirmed plans to reduce its global workforce by six percent affecting 280 employees.
The restructuring aims to streamline operations, align investments with strategic priorities, and reduce managerial layers within the organisation.
Approximately half of the eliminated positions will be relocated to Proofpoint’s global centres in Ireland and Argentina. While the company expects to finish the year with a headcount similar to the beginning of the year, specific details were not provided.
The layoffs were initially reported by Israeli news outlet, Calcalist, the company refrained from commenting on the impact of the restructuring on management-level positions within the company.
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This news aligns with a recent trend in the tech sector, where leading companies such as Alphabet, Amazon, and eBay, have undertaken significant staff reductions to trim costs and enhance profitability. According to tracking website Layoffs.fyi, more than 29,475 workers have been laid off across 107 tech companies since the beginning of the year.
Yet, as cybercrime continues to increase in scale and severity, the cybersecurity industry is predicted to grow in the coming years. The cost of global cybercrime will reach $10.5trn annually by 2025, according to GlobalData’s thematic intelligence report on Cybersecurity, with cybersecurity revenues reaching $344bn worldwide by 2030.
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