Monday, June 17, 2024

Data analytics platform Sumo Logic lays off 79 employees

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.

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.

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.

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