Saturday, 20 April 2024
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More Job Cuts are Being Made in the Tech Industry with this Big Data Analytics Company

As job losses in the computer industry continue globally, big data analytics software business Sumo Logic is apparently laying off 79 people a strong indication of the global layoff trend.

According to a story from The Information, the layoffs at Sumo Logic took place less than a month after Francisco Partners, a worldwide investment group, paid $1.7 billion to buy the company.

Big Data Analytics Company

He explained that while one group of employees might receive an email informing them that their positions had been reduced, another group would receive an email informing them that their duties were secure, according to the story.

Sumo Logic had 983 employees as of its most recent annual report. According to reports, unnamed Sumo Logic employees complained on the business review website Blind that dismissed workers “had received two months’ pay but no other benefits.”

  • Sumo Logic had 983 employees as of its most recent annual report.
  • The all-cash deal gave Sumo Logic an overall stock valuation of almost $1.7 billion.
  • Shareholders of Sumo Logic received $12.05 in cash as per the terms of the deal.

Sumo Logic, a SaaS analytics platform for enabling trustworthy and secure cloud-native apps, revealed in May that Francisco Partners had successfully acquired the business. According to IANS, the all-cash deal gave Sumo Logic an overall stock valuation of almost $1.7 billion.

Shareholders of Sumo Logic received $12.05 in cash as per the terms of the deal. This amounts to a premium of almost 57%.

A marketing technology business based in the US called ZoomInfo has declared plans to cut about 3% of its global employees.

As indicated in a filing with the US Securities and Exchange Commission (SEC), the company informed its staff of its plans to preserve profitability while streamlining the organizational structure, accelerating decision-making, and allocating resources to strategic development prospects.

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