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Pendo, a Raleigh software program startup valued last year at $2.6 billion, has laid off round 5% of its workforce and slowed its hiring objectives, CEO Todd Olson tells Axios.
Driving the information: The cuts got here on Wednesday and affected 45 positions, principally in recruiting and gross sales help.
- “Our hiring had outpaced our wants in sure areas,” Olson tells Axios. “We’re nonetheless rising quickly however we merely needed to regulate based mostly on adjustments within the macroeconomic setting.”
- Pendo, a buyer analytics platform for product adoption, practically doubled its headcount final yr and was approaching 1,000 whole workers. However Olson says that employee development had begun to outpace income development, notably as small and midsized enterprise started taking longer to make software program buying choices.
Why it issues: After years of speedy development, layoffs at high-flying tech startups have elevated in 2022.
- Triangle tech startups have principally averted layoffs, though there have been latest cuts at Avaya and Policygenius.
Pendo had previously indicated it may file for an preliminary public providing this yr — although that modified as shares entered right into a bear market earlier this yr.
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