US-based Cybersecurity Firm Bishop Fox Lays off 50 employees After Hosting a Grand Party

US-based Cybersecurity Firm Bishop Fox Lays off 50 employees After Hosting a Grand Party.

US-based cybersecurity firm Bishop Fox recently laid off 50 employees, which is 13% of its workforce. The news comes just a few days after the company hosted a grand party for its employees at the RSA cybersecurity conference.

The party reportedly offered branded beverages referred to as “cyber soup.” The layoffs were confirmed by a spokesperson for the company, Kevin Kosh, in an email to TechCrunch.

The spokesperson also confirmed that the company had reserved the space at RSA many months in advance, primarily for the day-long livestream forum meant to engage and share knowledge with the larger community. The reception followed that for the participants, team, industry friends, and RSA attendees.

Many employees took to Twitter to share pictures of the party and having a good time, but a few days later, some of them revealed the layoffs at the company. The CEO, Vinnie Liu, stated in a statement to TechCrunch that they proactively made these changes in response to the global economic situation and opportunities they identified to make their business more efficient.

He further added that while demand for their solutions remains solid and their business is stable, they can’t ignore the market uncertainty and investment trends in this very different global economy.

According to the spokesperson, the firm had around 400 employees before the layoffs on May 2. The CEO also stated that the company remains healthy and continues to be bullish about its growth and technology investments over the coming quarters and years. He concluded that their firm’s cash reserves, including their Series B raise, combined with this restructuring, allow them to maintain a solid financial position that enables scale, innovation, and delivery of high-quality solutions their customers have come to expect.