WalkMe axes another 112 employees, reducing workforce by a further 10%
WalkMe axes another 112 employees, reducing workforce by a further 10%
This is the company’s second round of layoffs in 2023 after parting ways with 43 employees in January
WalkMe is embarking on its second round of layoffs this year and will part ways with 112 employees in addition to the 43 employees who were laid off at the beginning of 2023. This second round of layoffs totals 10% of the company's employees.
“We are more determined than ever as the DAP market leader to build a strong, sustainable business, even as we face strong macroeconomic headwinds. The path to profitability and long-term growth is paved with difficult decisions that we need to make in order to ensure our collective success,” Dan Adika, CEO of WalkMe, explained in a blog post. “We took actions this week to create a leaner, more efficient organization that better reflects our near-term growth expectations, while setting us on a path to profitability and long-term growth. We have made the painful decision to reduce our workforce by 112 employees, representing approximately 10% of our organization, in order to meet our current business needs, better equip us for future scale, and deliver the utmost value to our customers.
“We cannot ignore the macroeconomic headwinds facing us and our customers right now,” Adika added. “We built an organization based on market assumptions that are now very different from the economic reality we and many others find ourselves in. I take full responsibility for decisions that have now led us to the thoughtful yet difficult actions required to drive success.”
WalkMe decided earlier this year to reduce its activity with small and medium-sized businesses and double down on organizations that employ over 500 people. The company went public on Nasdaq at a $2.5 billion valuation in June 2021, raising $286 million. The company currently has a market cap of around $983 million.
WalkMe, founded in 2011 by Rafael Sweary and Dan Adika, has developed a platform for adopting digital technologies without the need to write additional code. The concept behind WalkMe’s solution is to help organizations measure, promote, and act in order to maximize the impact of digital transformation processes, thereby improving the efficiency of the software the organization uses.
