Cybersecurity start-up Snyk Ltd has announced it will lay off around 200 staff.

Approximately 198 employees, or 14 percent of its workforce, were set to be laid off, just months after the company laid off five percent of its workforce.

Snyk was founded in Israel in 2015 but is primarily based in Boston.

It bills itself as a developer-first security solution that enables customers to use open-source code while remaining secure.

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The platform of the company detects and fixes known vulnerabilities and licence violations in open-source dependencies.

The company has grown rapidly in recent years, from raising $70 million in funding in 2019 to announcing in December that it was planning to go public in mid-2022.

However, due to the market downturn this year and a lack of initial public offerings, Synk never went public.

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Now, in October, it is reducing its workforce as the economic climate worsens.

In a message to employees, Chief Executive Officer Peter McKay described the layoffs as one of the most difficult in Snyk’s history.

He said: “Over the course of 2022, while our business has continued to grow, we’ve also witnessed a number of significant market shifts, and, as a result, we are restructuring and reducing our global workforce,”.

McKay said in the message before revealing how many employees would be laid off.

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The layoffs are accompanied by organizational changes, with senior executives also leaving the company. In addition to the layoffs, McKay stated.

Snyk is cutting costs in several areas, including global real estate, information technology and subscription services, and business travel.

Employees who are laid off are offered a variety of support services, such as outplacement services, career conversations, and a private LinkedIn support group.

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Synk joins a growing list of companies laying off workers in the face of a deteriorating global economy and the ongoing conflict in Ukraine.

Microsoft announced last week that it had made a new round of job cuts as part of a cost-cutting initiative.

Approximately 1,000 Microsoft employees were affected.

DocuSign Inc. laid off nine percent of its workforce on Wednesday, September 28.

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Twilio Inc. laid off 11 percent of its workforce on Wednesday, September 14.

Robinhood Markets Inc. laid off 23 percent on August 2.

Oracle Corp. was also reported to be laying off employees earlier this month

Instead of laying off employees, other tech companies have restricted or frozen hiring in order to reduce headcounts through natural attrition.

Source: Silicon Angle

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