Another Israeli tech unicorn has announced a round of layoffs. Cybersecurity company Aqua Security is laying off 65 employees, representing 10% of the company’s workforce. The layoffs include 20 employees working in Israel. The company develops technology for protecting applications in the cloud, a tech environment called cloud native security.
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The company said, “Currently, due to changing market conditions, we are forced to make several changes designed to focus on the company’s strong core activities, in order to continue the company’s growth and profitability in 2023 and beyond. We are doing our best to help the employees who are affected by this decision to find their next professional path, with close support and professional guidance in whatever path they choose.”
In March 2021, Aqua Security raised $135 million at an estimated company valuation of more than $1 billion, thus making it a unicorn. The financing round was led by ION Crossover Partners, bringing the total amount raised by the company to $265 million. Other investors in previous rounds included M12, Lightspeed, Insight Partners, TLV, Greenspring and Acrew Capital.
Last Friday, several sources familiar with the matter confirmed to “Globes” that Israeli company Cognyte is implementing a second round of layoffs over the past few months, shedding 100 more employees, or 5% of the company’s workforce.
Published by Globes, Israel business news – en.globes.co.il – on December 5, 2022.
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