Software firm FarEye fires 250 employees at appraisal time
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Software-as-a-service provider FarEye let go of around 250 employees at the time of their appraisal. CEO and co-founder Kushal Nahata said it is part of restructuring and softness in market conditions.
In December, he had said the company recorded a 180% jump in revenue in 2020-2021. He added that the company continues to grow at a 100% annual revenue rate.
After the mass layoff, Nataha said the company has always kept its people at the core and believes people to be the strongest asset. "It has been a difficult period. We had to make some hard decisions to reduce our team across operations and services".
He added the company is focusing on efforts in aligning resources in areas that drive maximum value for customers while addressing their key challenges around operational efficiencies, cost optimization, and delivery experience. "FarEye is strengthening core competencies, deepening focus on product differentiation and automation, and optimizing the effort required to manage operations."
The SaaS provider raised USD 100 million from a series E funding round led by TCV and Dragoneer Investment Group in 2021.
The founder said the priority right now is to take care of those who do have to part with the company. "In addition to ensuring their rightful benefits and entitlements, we are proactively working to help them with job support via our outplacement services and our network".
He added that the professionals are some of the best in the business and the company deeply values them. "I believe that they will be a great addition to any organization".
In September 2019, it was certified as a great workplace by the 'Great Place to Work organization'.