Utah tech companies are laying off hundreds of workers
- The moves come about a week after Route and Podium laid off scores of employees.
- Venafi, a Salt Lake cybersecurity firm valued over $1 billion, also had a round of layoffs this month, according to former employees who posted on LinkedIn.
- Other companies like Thumbtack, TaxBit and Filevine have laid off workers too.
What they're saying: "I'm sure it has to do with financials, making sure it's looking good at the end of the year. But it definitely is not a good look, and it seems shocking that so many companies are doing that," Nicki Sanders, a Cottonwood Heights blockchain engineer, told Axios.
- She was let go this week by TaxBit, but she said the company provided severance.
Context: The tech industry is bracing for a downturn in 2023, and investors are looking for more proof of frugality.
- Podium, for example, is prolonging a hiring slowdown, trimming office space, cutting software costs and reducing perks, according to a memo obtained by Business Insider.
What they're saying: "We accept full responsibility for the decisions that led us here, and we are incredibly sorry to have to make these necessary decisions," Podium CEO Eric Rea and co-founder Dennis Steele wrote, according to Insider.
Flashback: Ocavu, iFit, MX and Homie — which all have Utah ties or are based here — reduced their workforces earlier this year.
What's next: Silicon Slopes is hosting a networking event from 9am–noon Monday at the organization's Lehi headquarters for recently laid-off workers and companies that are hiring.
- "I honestly don't know why this is happening at this time and in this manner," CEO Clint Betts told Axios. "It's devastating to so many in our community and their families."
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