Absolute Software spent most of 2022 expanding.
After acquiring Seattle’s NetMotion Software in 2021 for US$340 million, the Vancouver-born tech firm made “significant” investments in building out its European infrastructure with the opening of a dedicated data centre.
Recently however the BC company has been compelled to restructure its workforce, which involves the elimination of more than three dozen roles within Absolute.
The decision was made in order “to lower the Company’s operating expenses,” according to a statement from Absolute.
The company “reduced overall headcount by approximately 40 people,” or roughly 5% of total employees.
Absolute also said it plans to reduce office space. The firm anticipates “the majority of the restructuring charges” will occur by the end of the year.
The unfortunate news follows a big win at the 2023 Cybersecurity Excellence Awards in March.
“We are committed to ensuring our customers have the innovative solutions they need to strengthen cyber resiliency against today’s attackers, and we are honoured to be recognized for delivering on that commitment,” John Herrema, EVP of Product and Strategy at Absolute Software, stated at the time. “There’s no question that ransomware remains the most prevalent and potentially disruptive threat for organizations of all sizes, and across every industry… and they are acknowledging the critical need to look beyond prevention and focus on response and recovery.”
The technology firm provides endpoint security and data risk management services to enterprise customers. It was founded in Vancouver in 1993.
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