SaaS firm FarEye bids adieu to 250 employees during the appraisal period
FarEye, a software-as-a-service provider, laid off roughly 250 employees at the time of their review, according to sources.
When approached, FarEye stated that the team size was reduced due to soft market conditions and team restructuring.
With the softness in market conditions, in the year ahead, we are focusing on our efforts and aligning resources in areas that drive maximum value for our customers while addressing their key challenges around operational efficiencies, cost optimization, and delivery experience,”Kushal Nahata, CEO and co-founder of FarEye.
According to him, the corporation is bolstering key strengths, focusing more on product differentiation and automation, and reducing the amount of effort required to run operations.
TCV and Dragoneer Investment Group led a $100 million Series E investment round for the e-commerce focused software-as-a-service (SaaS) provider last year. Eight Roads Ventures, Fundamentum, and Honeywell, were among the existing investors in the round.
FarEye’s founder said that the company’s revenue increased by 180 percent in 2020-21 and continues to expand at a 100% annual pace.