SAS Institute to shutter some overseas offices
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SAS Institute, the Cary analytics giant, is closing several of its international offices amid a downsizing trend among tech companies.
Why it matters: SAS is a stalwart of the Triangle tech scene and one of its largest employers, with around 5,000 workers in Cary.
- The privately-held company said it is focused on readying its finances for a potential IPO by 2024.
- SAS self-reported last year that it was profitable with revenues greater than $3 billion.
What to expect: SAS said it will close four offices across Latin America and Asia — home to around 250 employees — over the next year, as first reported by WRAL.
- Those employees will have a chance to apply for other positions and those that don't find new positions will receive "outplacement services," according to company spokesperson Shannon Heath.
Zoom out: Technology companies of all sizes have turned to layoffs in recent months, as rising interest rates spiked uncertainty about the economy.
- Locally firms from Red Hat and IBM to Pendo and Citrix have made cuts.
What they're saying: Heath said SAS is not in a hiring freeze, but it is being more careful about its future plans.
- "In the current economic climate, with the possibility of a recession ahead of us, SAS is taking a very responsible approach to hiring," she wrote in an email.
- "We’re experiencing some attrition by reducing external hiring to replace normal turnover, which is creating opportunities for growth and mobility for our employees. A small number of positions may no longer be required going forward."