This afternoon, we informed the Lacework team of some difficult news related to a restructuring of our business. Openness is one of our core values at Lacework, so in the spirit of transparency with employees, customers, and partners, we are sharing our internal communication here:
Over the past several weeks and months, a seismic shift has occurred in both the public and private markets. While we do not have control of the environment around us, we do have a responsibility to control how we operate our business and make changes as needed to best position the company for continued and long-term success.
We are making some important changes to our team and our business. Today, we made the very difficult decision to say goodbye to some of our colleagues, as part of a restructuring and modification to the company plan. Today was our day to focus on those individuals. We delayed this broader notification in order to speak with those impacted Lacers one to one throughout the day.
We have adjusted our plan to increase our cash runway through to profitability and significantly strengthened our balance sheet so we can be more opportunistic around investment opportunities and weather uncertainty in the macro environment. We remain 100% committed to continued best-in-class growth and leading the industry with our innovation.
Our team is filled with extraordinary individuals and saying goodbye to this group is immensely difficult. We are grateful for everything these Lacers have done to help build Lacework, for their belief in our team, our opportunity, our vision, and our mission. We have taken every effort to provide those impacted with severance encompassing compensation, healthcare coverage, and access to outplacement support. As they pursue opportunities outside of the company we will help in whatever way we can.
Lacework, as we know, is the disruptive leader in cloud security, a growing market that is still in the early innings. Our opportunity ahead remains unchanged but to preserve and strengthen our leadership position in this market for the long term, we must make these changes. We will continue to invest in building out our technology teams, who remain focused on innovating quickly. Our GTM team is focused on bringing value to customers and partners, driving deeper product understanding, and being a trusted advisor and long-term partner as organizations continue to increasingly rely on Lacework to protect their cloud environments.
Here is what remains constant for Lacework:
- Our business continues to grow faster than our competitors because we have customers and partners invested in our success. Our customer-first orientation drives us to serve them – learning and growing – better and better, day by day.
- Despite the broader economic environment – demand for cloud security will remain strong, and it is critical to all online, cloud businesses.
- We have a differentiated product with an ambitious plan for continued product innovation.
- We believe in our team. We believe in our resilience and our ability to pull together in service to each other, our customers, and our shared vision for Lacework.
We understand this is a difficult update to absorb and that you will have questions. Please plan to join a special All Hands. In the interest of full transparency and to make every effort possible in helping our former team members look for new roles, we will share this email on our blog this evening.
Hat and Jay