Raleigh software unicorn Pendo lays off 10% of workforce

Driving the news: Pendo said that 30 of the workers it laid off were based at its Raleigh headquarters.

What they're saying: In a statement, Pendo CEO Todd Olson said that the layoffs were not a reflection of the strength of the company's business, but a move to reorganize the company to meet a moment of change.

• "We've been in a process of 'refounding' Pendo over the past six months as the technology landscape has changed dramatically," Olson said, noting the company has invested heavily in making its own AI tools. "We had many of the largest companies in the world [visit us in Raleigh], and they consider Pendo mission-critical infrastructure as they build agents, build with agents, and change how they work with AI."
• Such "operational changes" are needed to help Pendo move fast and meet the needs of evolving companies, Olson added.

Zoom in: Pendo is a maker of analytics software that helps companies know how customers interact with their websites, apps and services.

• The company was valued at $2.6 billion as recently as 2021, when it raised a $150 million from investors, but it hasn't shared a valuation in recent years. It also has no plans to go public in the near future, Olson told Axios last year.
• Pendo's clients include Morgan Stanley, United Airlines and Salesforce.
• In 2023, the company laid off around 12% of its workforce.