WILMINGTON – Financial technology services company nCino (NCNO) has cut about 7% of its workforce and is the latest tech company announcing layoffs, following Microsoft’s disclosure that it will lay off 10,000 workers earlier this week.

In an email sent to employees that was later published online, Pierre Naudé, chairman and CEO of the Wilminton-headquartered company cited significant changes in the markets and in the economy.

“This is one of the hardest decisions we’ve made to date,” the letter notes.  “I am announcing that we will be reducing the size of our nCino team by approximately 7%.”

A spokesperson for the company told WRAL TechWire that nCino made the decision “like many other companies facing the significant headwinds of 2023.”

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What’s happening

The company is also making other changes, as it announced on Wednesday that David Rudow, the firm’s chief financial officer, will be leaving the company.

Replacing David will be Greg Orenstein, who will be appointed to the CFO role from the current role as the chief corporate development and strategy officer.

In a statement announcing the CFO transition, the company also reaffirmed its financial guidance anticipating annual revenues to fall between $403 million and $404 million with operating losses between $7 and $8 million.  The company’s fiscal year ends on January 31, 2023.

“Today was a sad day for everyone as we said goodbye to a number of talented colleagues who have worked hard and made a positive impact at nCino,” the nCino spokesperson told WRAL TechWire.

Following the email from Naudé, affected workers were sent “a notification email within the next 15 minutes with meeting details for a conversation today with a leader from your department.”

The firm is making counselors available at its headquarters location in Wilmington and virtually to employees from other sites, including Salt Lake City.  The company will pay out affected workers a “minimum of 12 weeks of severance pay” and laid off workers will still be eligible for fiscal year 2023 bonus compensation.

“At nCino, we embrace the idea of being on a rocket ship,” Naudé wrote in the email notice to workers.  “I still firmly believe in our trajectory and expect that these changes, while difficult, will set us up for long-term success.”

nCino CEO: Layoffs of 7% of workforce “one of the hardest decisions”