Nearly 17% of employees at Virginia-based cybersecurity technology developer IronNet are expected to be laid off by the end of the month, reports CRN.
"The workforce reduction is part of a broader plan by the Company to streamline its operations for higher efficiency, to reduce overall expenses and preserve cash, and to set the Company up for rationalized growth going forward," said IronNet in its filing with the U.S. Securities and Exchange Commission less than two weeks after it had reported slightly increased year-over revenue but significantly higher year-over-year net losses for the second quarter.
An IronNet spokesperson insisted that the company's "Collective Defense" strategy for cybersecurity transformation remains.
"In fact, weve seen momentum around the concept of Collective Defense in the past several quarters, with President Biden and his cyber experts even referring to it as the path forward," wrote the spokesperson.
Imminent layoffs at IronNet come after similar employee dismissals were announced by fellow cybersecurity startups OneTrust and Cybereason.