RALEIGH – Pendo, the Raleigh-based software company that recently opened a new headquarters atop one of Downtown Raleigh’s newest office towers and has sparked speculation about a Wall Street stock offering, has hit a speedbump in its rapid growth.
The company, which provides software to help clients to “accelerate and deepen software product adoption,” has cut 12% of its global workforce of more than 1,000. Forty-two of the lost jobs are in Raleigh at its headquarters.
CEO Todd Olson disclosed the layoffs, citing “economic uncertainty” in the tech sector.
“Yesterday, Pendo eliminated ~100 positions globally – 42 of the individuals impacted are based in Raleigh,” Olson said in a statement provided to WRAL TechWire by Pendo on Tuesday.
Pendo is a so-called “unicorn” – a highly valued company that has not gone public – with a valuation of more than $2.6 billion after raising $150 million in capital two years ago. The company has raised more than $350 million.
“This represents 12% of our workforce. Like many of our peers in tech, we are feeling the impact of continued economic uncertainty,” he added. “This is a move we had to make to address the current global business reality and to make sure we have the right strategy and organizational structure in place to get to profitability and to achieve our long-term vision.”
Pendo cut some 5% of its staff in layoffs last September.
According to Layoffs.fyi, which tracks tech sector job cuts, 768 tech companies have cut 206,136 so far this year.
“This was a very tough decision – one we made after a deep inspection into every part of our business and conversations with our Board. The roles span departments and offices,” Olson explained about the new round of layoffs..
“While I’m sad that we had to part ways with so many wonderful Pendozers, I see such a bright future for Pendo. We are helping some of the largest companies in the world through digital transformation, and we continue to see strong demand for our platform. Our product roadmap is incredibly exciting as we focus on new features, including AI innovations. I’m confident we have the right plan in place moving forward.”
Pendo launched in 2013.