Thursday, July 18, 2024

HackerOne Lays off 12% of Its Employees as a One-Time Event 

HackerOne is a renowned cybersecurity company that offers bounty and penetration testing platforms to ethical hackers for the following activities:-

  • Asset discovery
  • Continuous assessment
  • Process enhancement for attack resistance management

HackerOne is a San Francisco-based startup, and at the moment, it boasts more than 450 employees globally.

However, HackerOne CEO Marten Mickos recently announced that the company decided to lay off 12% of its employees worldwide.

The company CEO has officially made this announcement through email and a blog post on their official site.

Announcement from HackerOne

Here’s what the CEO of HackerOne stated:-

“I have made the painful and necessary decision to undertake a restructuring and we will reduce the size of our team by up to approximately 12%. This comes as disappointing news, as we’ve all built strong connections with our fellow Hackeronies. These actions are necessary to be successful long-term. However, I understand how difficult this news is and the impact this will have on all team members, and I take responsibility for the changes we are sharing today.”

HackerOne’s global workforce of over 450 employees faces layoffs impacting more than 50 people. While besides this layoff, Mickos assured dismissal packages with:-

  • Cash compensation 
  • Non-cash benefits

Moreover, HackerOne affirmed that they continued hiring and investing in new products to expand capabilities, but unexpected anticipations and cost burdens occurred.

HackerOne is a cybersecurity category leader that remains a significant global contributor. But, as of now, they are actively preparing for growth and strength in future business conditions.

The unexpected economic impact leads HackerOne to team restructuring due to underperforming new products and challenges in the market.

The company considers this reduction in force a one-time event for future success.

HackerOne raised nearly $160 million since 2012, with key investors like:-

  • GP Bullhound
  • New Enterprise Associates
  • Valor Equity Partners
  • EQT Ventures
  • Dragoneer Investment Group

Not only that even it also serves as a bug bounty platform for U.S. DoD, Google, and Microsoft, connecting with global security researchers to fix vulnerabilities.

While this painful decision to let employees go is essential for HackerOne’s long-term success, despite their dedication to the company’s mission and open culture.

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Tushar Subhra Dutta
Tushar Subhra Dutta
Tushar is a Cyber security content editor with a passion for creating captivating and informative content. With years of experience under his belt in Cyber Security, he is covering Cyber Security News, technology and other news.

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