Earlier today, Cybereason CEO & Co-founder Lior Div sent the following message to employees:
By now you’ve undoubtedly heard the difficult news about our restructuring which included a 17% workforce reduction. This was an incredibly painful decision as it impacts colleagues who have supported our mission and played a part in making us a market leader. We owe these employees our gratitude and respect and I ask that you join me in supporting their transition with the sensitivity and compassion they so deserve.
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. As the markets turned, we adjusted our spend and clarified our priorities to focus on customer happiness and innovation in 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.
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:
This restructuring, while painful, positions us as a financially resilient, standalone market leader.
Confronting these realities and making the decision to restructure was difficult for me on both a professional and personal level. Yet, as always, I looked to our values for guidance. #EverEvolving is the value that we need to call upon now. As a team we have built a company with a mission that is worth fighting for. Together we have delivered the best technology in the market for fulfilling that vision; yet, elevating the company to the next level requires that we adjust our path to a thriving future.
Over the coming days and weeks, I will outline the way forward in detail. In summary, it will include the following:
We will expand our focus on the mid-market segment, especially in North America;
We will focus our engineering resources on delivering our market-defining Open XDR platform;
We will optimize and simplify the product experience to meet the evolving needs of today’s overburdened defenders; and,
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. 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 cyber attacks and our work is far from done.
I am grateful for your resilience, your fight, and your willingness to join me in our ongoing work to reverse the adversary advantage. Together, we are building a strong company that is helping our customers as they face unprecedented cyber challenges.