Unicorn BigPanda slashes jobs, laying off 13% of workforce
Amidst the prevailing economic instability, companies worldwide are resorting to employee layoffs as a measure to cope. The most recent addition to this list is BigPanda, a company specialising in AIOps event correlation and automation solutions, which has recently announced a workforce reduction of approximately 13%, resulting in the termination of around 40 employees.
BigPanda's co-founder and CEO, Assaf Resnick, stated on the company's website last week that in response to the existing macroeconomic conditions, the company is taking steps to optimise and restructure its operations in order to enhance its ability to achieve its mission.
“In light of the current macroeconomic environment, BigPanda is announcing today that we are streamlining and restructuring our company to better execute on our mission,” he wrote, reported CTech.
Resnick further explained that this decision is being made to secure a stable financial foundation, enabling continued investment in the rapidly expanding enterprise AIOps market for the foreseeable future.
“We are doing this now to ensure that we have a solid financial runway to continue investing in the fast-growing enterprise AIOps market for many years to come,” he added.
As part of the ongoing restructuring efforts, Resnick also revealed that BigPanda has appointed Joanna Johnston as the new Chief Customer Officer, along with a new Chief Marketing Officer, to strengthen the leadership team.
The CEO emphasised that the company is focused on enhancing its financial stability by substantially reducing its annual burn rate, in addition to the recent successful fundraising of $207 million.
He clarified that these changes will not affect the company's overarching vision and core product strategy, which remains unwavering in its commitment to delivering an open data platform that offers comprehensive service intelligence and automation, along with a seamless and efficient customer experience, all backed by an enterprise-grade platform. The company's mission and strategy continue to remain unchanged.
