Startup Cybereason Announces Layoffs Amid Market Volatility

A Massachusetts-based cybersecurity company which had hoped to make its stock market debut this year is cutting approximately 10% of its workforce.

Cybereason Inc., which is backed by Alphabet Inc.’s Google Cloud unit, former US Treasury Secretary Steven Mnuchin’s investment firm Liberty Strategic Capital and SoftBank Group Corp.’s Vision Fund 2, will dismiss roughly 100 people, the company told workers Wednesday. Cybereason has an estimated 1,500 employees in the US, Israel and Europe.

It follows reports of later-stage technology startups reducing costs as the initial public offering market for 2022 has diminished amid the market downturn. ...