BigPanda Layoffs: Software Firm Fires 13% of Workforce Amid Layoff Spree
Founded in 2011 by Resnick and Elik Eizenberg, BigPanda provides an AIOps Event Correlation and Automation platform that enables IT Operations teams to automate incident management.
Mumbai, April 25: Software company BigPanda has laid off 13% of its workforce, according to the CTech report. This layoff affected 40 employees who lost their jobs amid the tech layoffs spree. Founded in 2011 by Resnick and Elik Eizenberg, BigPanda provides an AIOps Event Correlation and Automation platform that enables IT Operations teams to automate incident management.
The co-founder and CEO Assaf Resnick, on the company website, wrote, “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.” Resnick added that “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.” Red Hat Layoffs: IBM To Sack About 760 Employees Globally.
UBS, Wells Fargo, Advent International, Insight Partners, Sequoia Capital, Mayfield, Battery Ventures, Glynn Capital, Mayfield, Greenfield Partners, and Pelion are among the investors in BigPanda. “We are positioning our company for even greater financial strength, by significantly lowering our annual burn rate on top of our recent $207 million fundraising activity,” said Resnick. Disney Layoffs: Entertainment Giant Kicks Off Second Round of Sackings, 4,000 Employees To Be Impacted.
Apart from BigPanda, open-source solution provider Red Hat will lay off nearly 4 per cent of its global workforce, or about 760 employees. The North Carolina-based software major has approximately 19,000 employees across the world. IBM acquired Red Hat in 2019 for nearly $34 billion in one of the most significant software acquisitions in history. Disney too, kicked off its second round of layoffs on Monday, that will affect 4,000 employees. Disney plans to reduce its workforce by 7,000 jobs as part of a larger reorganisation that will see the company cut $5.5 billion in costs.
(The above story first appeared on LatestLY on Apr 25, 2023 10:43 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).