HackerOne lays off a large part of the workforce

HackerOne lays off a large part of the workforce

Bug bounty platform HackerOne fires about 12 per cent of its staff. The company says that the economic situation could be better and that the new products that the company launched last year could be performing better. In its own words, this is a one-off event in which the company looks to the future ‘with confidence’.

This writes Marten Mickos, CEO of HackerOne, in a press statement.

There are also expected to be layoffs in Europe

The CEO says he had to make a “painful and necessary” decision to make HackerOne a financially healthy company again. A significant reorganization was unavoidable for this. About one in eight employees was told on Wednesday that he or she was being fired.

Most layoffs were in the United States and Canada. Employees from the UK, the Netherlands and other countries are expected to be laid off. Mickos needs to say how many employees are involved. Employees who have lost their jobs receive ‘non-cash benefits’ in addition to severance pay. This may concern a transition allowance, a training budget or job application training.

The economy was disappointing, and new products performed less well than expected

The CEO says that HackerOne has been forced to adapt to the global economic situation and the resulting bug bounty program market shifts. The company invested in new products and expansion capabilities to participate in the bug bounty platform. To realize this strategy, Mickos gave the order to recruit new staff more than a year ago.

“However, we did not anticipate the extent to which the general economic situation affects us, with smaller companies running out of money and larger companies taking longer to make purchasing decisions,” said the CEO. Furthermore, the new products performed less well than expected. “Our commitment to recruiting and new products proved too great, and we now need to restructure our teams to be successful in the future.”

CEO is grateful to everyone for ‘unwavering commitment

Mickos hopes the current round of layoffs is a ‘one-off’. “We do not claim to have perfect visibility into our future financial performance or the macroeconomic environment, but we unequivocally wanted to take a one-time action and move forward with confidence (…) We intend to be better, stronger and faster when there is ultimately an improved business climate is created,” he writes.

The director calls the round of layoffs a ‘painful decision’ but is convinced that HackerOne will come out of this stronger. He calls the laid-off employees “dedicated team members who have invested their time and minds in HackerOne’s success.” Mickos is therefore grateful to everyone for their ‘unwavering commitment’ to the company.

Here’s what you need to know about HackerOne

HackerOne is a platform where ethical hackers can report exploits and vulnerabilities. Depending on the risk, they receive compensation for their discovery through the platform’s bug bounty program. Companies that register for the program can implement the responsible disclosure policy. Tech companies such as PayPal and Facebook are affiliated with HackerOne.

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