Business intelligence unicorn Sisense sacking 13% of workforce in second round of layoffs in six months
Business intelligence unicorn Sisense sacking 13% of workforce in second round of layoffs in six months
Sisense has seen its team shrink by half since 2022, with 60 jobs now set to be cut after 100 employees were let go last July
Six months after laying off 100 employees, business intelligence unicorn Sisense has embarked on another round of layoffs. Sisense is parting ways with around 60 employees, accounting for approximately 13% of its remaining workforce.
Sisense employed as many as 800 people in 2022, but following the latest round of cutbacks will remain with a team of around just 400 employees.
The current layoffs are another shock in a long series of developments at Sisense that began with the departure of senior executives in 2022, followed by relatively small-scale layoffs and a halt in recruitment.
In 2022, Sisense reduced its workforce from 800 employees to 600 employees, and many of the company's early employees left. Alongside the downsizing, Sisense changed its business focus several times, shifting from developing analytics tools for businesses to focusing solely on large enterprises, and then deciding to concentrate on integrating analytics tools into other corporate software. At the end of April of last year, the company announced the appointment of Ariel Katz as CEO in place of Amir Orad, who shifted to the role of Chairman. Katz had joined a year earlier as Chief Products and Technology Officer and General Manager of Israel.
Sisense, which reported reaching an annual recurring revenue (ARR) of $150 million last year, is an established company that was founded back in 2004. It reached a valuation of a billion dollars in 2019 with a $100 million funding round led by Insight Partners. Aside from Insight, the main investors in Sisense are renowned venture capital funds such as Bessemer Ventures Partners, Battery Ventures, and Access.
Sisense said in response: “This reduction in staff was undertaken after careful deliberations to enable the company’s continued long-term growth and stability. We are focused on investing in our go-forward strategy of broadening our offerings for technical buyers, enabling our customers to build custom analytics faster than ever before. We truly appreciate the contribution of our employees and the company is providing transitional benefits packages and support as they search for their next opportunities. While we realize that we are in a fortunate position as a company, having reached positive cash flow; however, considering the current economic realities, these adjustments are necessary.”
