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Thursday, Sep 28, 2023

Cylance Cuts Jobs

Cylance Inc. in Irvine has initiated a round of job cuts in a restructuring.

It’s unclear if this was the first layoffs for the fast-growing, five-year-old security software maker, which declined to disclose the number of cuts.

Specific departments or positions weren’t targeted for elimination. Cylance told the Business Journal.

“The reductions were part of a healthy restructuring that will enable our next phase of growth,” co-founder and Chief Executive Stuart McClure said via email.

The total cuts are less than 50, which means the company will not be required to file a Worker Adjustment and Retraining Notification with the state Employment Development Department, according to a company spokesperson.

Under state law, companies with 75 or more part or full-time employees must file a WARN notice due to “plant closings, layoffs or relocation of 50 or more employees within a 30-day period.”

Cylance has added more than 500 employees in the past year to more than 650 companywide, the vast majority at its operations in Irvine.

“These changes are a normal part of balancing business needs and company capabilities that carry out each year,” the company said in a statement.

Cylance was established in 2012 and has grown into one of OC’s most-watched companies.

Sales topped $81.7 million in the 12 months through June, up nearly 2,000% from two years earlier.

The leap claimed the top spot among midsized companies—those between $10 million and $100 million in annual sales—on the Business Journal’s Fastest-Growing Private Companies list published in October.

Cylance’s software fuses machine learning, artificial intelligence algorithms, and the cloud to thwart new and evolving threats and cyberattacks before they hit servers, desktops and virtual desktops.

The Business Journal has reported Cylance’s next push is in the consumer market: it aims to forge partnerships with service providers, such as banks and internet and cable providers, which have millions of app users and customers.

The company has raised $177 million since its inception.

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