Cybersecurity firm Secureworks has become a somewhat insecure place to work.
The outfit has told employees is cutting more than nine per cent of its workforce after its majority-owner Dell Technologies announced a round of layoffs.
Secureworks last disclosed its employee headcount in a regulatory filing in March 2022, when it said that it had 2,351 employees as of January 28, 2022.
If its staff size has remained similar, the nine per cent workforce reduction will affect more than 200 Secureworks employees.
Dell announced layoffs affecting 6,650 employees, or about five per cent of its staff. Dell owned approximately 82.7 per cent of outstanding shares in Secureworks as of the end of October, according to an SEC filing.
The company recently announced that it was hitting $222 million in annual recurring revenue, up 80 per cent year over year as of the end of October for its Taegis platform, which includes XDR as well as vulnerability detection and response (VDR). The growth has been buoyed by a surge in channel sales for Secureworks, executives have said.
Under its new financial plan, Secureworks “intends to rebalance investments across all functions to align with the company’s top strategic priorities and growth opportunities, such as higher value, higher margin Taegis solutions and other priorities, in order to balance continued growth with improving operating margins over time,” the company said in the SEC filing.
