SecureWorks is partaking in one other spherical of layoffs, this time shedding 15% of its workforce.
The cybersecurity agency revealed the plans in an SEC submitting:
On August 4, 2023, SecureWorks Corp. (the “Firm”) dedicated to, and on August 14, 2023 introduced to staff, a plan to scale back the Firm’s workforce by roughly 15% and to implement sure actual property‑associated price optimization actions (the “Plan”). Below the Plan, the Firm intends to rebalance investments cross-functionally in alignment with the Firm’s present technique and development alternatives, reminiscent of specializing in the upper worth, increased margin Taegis options, optimizing the Firm’s organizational construction to extend its scalability, and different priorities, to raised place the Firm for continued development with enhancing working margins over time.
In reference to the Plan, the Firm at the moment estimates that it’ll incur bills as much as roughly $14.2 million, the substantial majority of that are anticipated to lead to future money expenditures. These bills are anticipated to consist primarily of severance and different termination advantages, in addition to actual estate-related bills. The Firm expects to acknowledge these anticipated bills throughout the second quarter of fiscal 12 months 2024 and to considerably full the Plan throughout the third quarter of fiscal 12 months 2024, though the timing of workforce reductions might range by nation based mostly on native necessities.