San Mateo-based Freshworks, a software technology developer of customer support software, has announced a 13% realignment and reduction in its workforce.
The reduction impacts 660 employees.
CEO Dennis Woodside said, " “There’s simply no good time to make a decision like this that affects people’s lives and it’s my responsibility to be transparent about how and why this decision was made. I am immensely grateful to those who will be leaving for their significant contributions to Freshwork. We believe this will help us accelerate our growth, free up resources for reinvestment, and simplify the way we work so that we are running Freshworks in a way that is efficient and scalable.”
"We began by combining teams focused on customer experience (CX) products, including support, sales, and marketing, and reallocating people and investments to prioritize our fastest growing employee experience (EX) business. These decisions were made thoughtfully and carefully to set a strong foundation for our future.”
“To add more focus on our EX, AI, and CX priorities, we are realigning our global workforce, putting us on a path to have a bigger impact on our customers. We’re making these changes while our business is profitable and our AI-powered products are providing increasing customer value. We believe this will help us accelerate our growth and simplify the way we work so that we’re running Freshworks in a way that’s efficient and scalable.”
CFO Tyler Sloat noted, “Given our strong financial position and improving cash profile, we have the opportunity to expand our capital allocation strategy. As such, our board of directors has authorized a share repurchase program of up to $400 million. This inaugural buyback program not only underscores the confidence we have in the durable and profitable growth of our business but also reinforces our commitment to delivering long-term shareholder returns.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?
