San Francisco, June 19: Big data analytics software company Sumo Logic has laid off 79 employees, as job cuts continue in the tech industry worldwide. The layoffs at Sumo Logic occurred less than a month after the global investment firm Francisco Partners acquired the company for $1.7 billion, reports The Information.

The company's CEO Joe Kim announced the job cuts in an email to Sumo Logic staff. "He said one group of workers would receive an email telling them their roles had been cut, while another group would receive an email saying their roles were safe," the report noted. Sumo Logic employed 983 people, according to its most recent annual filing. Salesforce Layoffs: Thousands of Software Company Employees Just Came To Know They’ve Been Sacked.

Anonymous Sumo Logic employees posted on online company review site Blind that laid off employees "had received two months of pay but no other benefits". Sumo Logic, the SaaS analytics platform to enable reliable and secure cloud-native applications, in May announced that Francisco Partners completed its acquisition of the company. The all-cash transaction valued Sumo Logic at an aggregate equity valuation of approximately $1.7 billion. Sprinklr Layoffs: Software Company Cuts 4% of Its Global Workforce Amid Economic Slowdown.

Under the terms of the agreement, Sumo Logic stockholders received $12.05 per share in cash. This represents a premium of approximately 57 per cent. "Since founding Sumo Logic in 2010, we have created a trusted, cloud-native, SaaS analytics platform for observability and security, enabling our customers to transform complexity into insights and accelerate their cloud transformation adoption," said Ramin Sayar, President and CEO of Sumo Logic.

(The above story first appeared on LatestLY on Jun 19, 2023 11:05 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).