As tech companies continue to sack employees amid economic downturn worldwide, Sumo Logic has become the latest to go through with a round of layoffs. According to a report by The Information, the big data analytics software company sent a notice to state regulators that 79 employees would permanently lose their jobs. However, it is unclear what severance, if any, was offered to affected employees in the organisation.
The job cuts come after the company announced it had been acquired by San Francisco private equity firm Francisco Partners in May. The deal valued the company at $1.7 billion approximately.
\u201cSince founding Sumo Logic in 2010, we have created a trusted, cloud-native, SaaS analytics platform for observability and security, enabling our customers to transform complexity into insights and accelerate their cloud transformation adoption,\u201d said Ramin Sayar, president and CEO of Sumo Logic. \u201cToday\u2019s announcement represents a compelling outcome for our stockholders. We are delighted at the prospect of partnering with Francisco Partners in the next phase of Sumo Logic\u2019s journey,\u201d he added.
According to its recent annual filing, Sumo Logic employed 983 people. An anonymous Sumo Logic employee posted on the online company review site Blind that laid off employees “had received two months of pay but no other benefits”.
Further, under the terms of the agreement, Sumo Logic stockholders received $12.05 per share in cash, representing approximately 57% of a premium.
Job cuts at Meta, <\/span>Google<\/span>, Microsoft<\/span>
Among other tech giants, Amazon, Facebook-parent Meta, Microsoft, Google and others have also laid off employees. E-commerce giant Amazon announced 27,000 job cuts while Meta laid off 21,000 employees. Microsoft also joined the list of tech layoffs, where it sacked 10,000 employees.<\/div>\n