Amid Record Revenues, Code42 Cuts ~10% Of Staff In 55 Person Layoff

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Code42 – Minnesota’s second most funded tech firm with $137m VC – confirmed that it has let go of about 55 people, about 10% of their global workforce.

The company declined to comment further on details of the affected geographies and departments only to share this message from CEO Joe Payne late Wednesday:

“Code42’s evolution into a data security company has seen us advance our offering from IT infrastructure products to application security products. Now we are making some organizational changes to realign our resources around how we sell, deploy and support these new products in the market. These changes reflect shifts in our market and in the needs of our customers. They are not a reflection on the talented people whose positions were affected,” said Joe Payne, Code42’s president and CEO. “In 2018, we grew to approximately $115 million in annual recurring revenue. The steps we are taking today are focused on further accelerating our growth. With more than $30 million in cash and the backing of some of the world’s best investors, Code42 has the financial resources we need to win in the data loss protection market.”

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  • Curly

    Very unfortunate news. No matter how you slice it, when you lay-off 10% of your workforce it’s never a positive thing. I wonder what the real story is here.

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