
HackerOne, a extensively identified bug bounty and penetration testing platform, is chopping as much as 12% of its workforce as the worldwide financial slowdown continues to affect the tech neighborhood.
The San Francisco-based startup introduced its layoffs on Wednesday, TechCrunch discovered and confirmed with the startup. The choice will affect the startup’s staff worldwide, together with these within the U.S., Canada, the U.Okay., Netherlands and different international locations, HackerOne CEO Marten Mickos said in an e-mail to staff, which was additionally posted to the corporate’s weblog.
“This comes as disappointing information, as we’ve all constructed robust connections with our fellow Hackeronies. These actions are obligatory to achieve success long-term,” stated Mickos. “We’ve designed this discount in power as a one-time occasion. We don’t declare to have excellent visibility into our future monetary efficiency or the macroeconomic local weather, however we unequivocally wished to take a single motion and transfer ahead with confidence.”
HackerOne has greater than 450 staff globally. This implies the layoffs will affect greater than 50 staff.
Mickos stated the affected staff will obtain severance packages together with money compensation and non-cash advantages.
HackerOne stated the corporate continued to rent new staff and invested in new merchandise to broaden its platform capabilities, however the merchandise didn’t meet expectations and triggered value burdens, the chief famous.
“HackerOne stays a class chief. We’re one of the crucial essential contributors to cybersecurity worldwide. We plan to be higher, stronger, and quicker when an improved enterprise local weather finally emerges,” Mickos stated.
HackerOne has raised near $160 million since its inception in 2012, with the last funding of $49 million obtained in January final yr. The startup counts GP Bullhound, New Enterprise Associates, Valor Fairness Companions, EQT Ventures and Dragoneer Funding Group amongst its key traders. Furthermore, it serves its bug bounty platform to entities together with the U.S. Division of Protection, Google and Microsoft to assist repair their vulnerabilities by connecting them with a worldwide neighborhood of safety researchers.