Mimecast

Broadgate, London
mimecast.com
Information Technology and Serivces

Layoff Date:

February 3, 2021

Laid Off Employees:

80

Laid Off Percent:

4

Source: MSSP Alert
Mimecast has confirmed layoff plans and intends to cut 4 percent of staff, CEO Peter Bauer disclosed in Mimecast�s quarterly earnings call today. Moreover, the email security provider continues to investigate a recent cybersecurity incident, though the company sounds confident that Mimecast's response to the issue has been effective. In a prepared statement just ahead of the earnings call, Bauer said: "We delivered solid growth and profitability this quarter, with key wins in the enterprise space and continued progress against our multi-product strategy. We are delivering increasingly strong cash flow and meaningful margin expansion. We expect continued top-line growth, but delivering growth at our long-term targets will take additional time and investment. We are prioritizing resources to better align with our strategy, including by implementing a reduction in force. We are confident these actions will help power the next evolution of our business." Then, during the earnings call, Bauer confirmed a staff cut plan that involves eliminating 80 positions "or about four percent of Mimecast�s workforce. �We did not make this decision lightly. However, we are confident that this is the right decision for the business, and essential to being able to invest in the right areas and achieve our goals," he said. The layoffs will result in a restructuring charge of approximately $3.7 million in the fourth quarter of fiscal '21, CFO Rafe Brown said.
Hiring? Create your free Drafted account
Create you free account to join companies like Better.com and Karat who use Drafted to power their referral hiring.
Create Free Account ->
Join over 7,000 readers to get the scoop on layoffs.
Your weekly briefing about layoffs, shutdowns, and department cuts sent to your inbox every Thursday.
Have a tip about an upcoming layoff?
Leave an anonymous tip or list of departing employees👇
Leave a Tip ->
About the Layoff List
The Layoff List was created in 2019 and is free for the community. Tips reported are left anonymous unless they explicitly ask to be included as a source.
We verify a majority of tips and include independent sources, but for tips that we are unable to verify we separately categorize them as unverified reports to avoid misrepresentations.