AlgoSec Sheds 8% of Workforce in Budgetary Shift

AlgoSec, the cybersecurity vendor with headquarters in the United States and Israel, is laying off 8% of its 350 employees, or 28 workers.

Jeffrey Starr, AlgoSec’s chief marketing officer, confirmed the layoffs. The company develops data security management software for enterprises, and lists Microsoft, General Motors, Unilever, British Petroleum and Sony as clients.

AlgoSec’s Jeffrey Starr

Starr tells Channel Partners his company is “now working to balance the organization in terms of the relative size of our sales and operational organizations, and shifting 8% of budgetary resources from operations to sales, in order to address significant current and upcoming business opportunities and foster long-term growth.”

“AlgoSec continues to invest in and expand its channel activity as a core component of its growth strategy,” he said. “Its channel partners will benefit from these business opportunities in the sales, support, deployment and training associated with AlgoSec’s solutions.”

AlgoSec’s financial position is solid and demand for its solutions is strong, Starr said.

“We have great prospects ahead as we address a multibillion-dollar market,” he said. “The company just concluded its largest ever AlgoSummit EMEA, its annual EMEA conference, with 100 attendees, representing a 105% increase in user participants and 367% increase in channel partner participants versus 2018. We are looking forward to a great AlgoSummit Americas in October.”

Last July, AlgoSec launched an expanded and enhanced global partner program designed to allow partners to increase the value of both new and existing sales opportunities, while providing resources to develop long-term customer relationships.

AlgoSec’s network security policy management is available on-premises and as software as a service (SaaS).