A Vancouver-based technology company has announced it has let go of dozens of employees this week.
Absolute Software, a security solutions company, made the news public on Tuesday, saying it was done to lower its operating expenses.
“Pursuant to the restructuring, the Company reduced overall headcount by approximately 40 people, which represents approximately 5 percent of total employees, and will lead to office space reductions,” a statement on the company’s website reads in part.
It did not specify how many of the positions were based in Vancouver.
It also hinted that the move also comes with office closures but didn’t specify if that would affect the Vancouver location.
“The Company estimates that it will incur non-recurring charges of approximately $1.8 million to $2.8 million in connection with the restructuring, primarily consisting of severance payments, notice pay, employee benefits contributions and related costs and impairment charges related to the exit and sublease, or cease use, of certain office facilities that the Company does not currently occupy,” the statement goes on to say.
The company is just the latest in a global trend that has seen thousands of tech sector employees let go in recent months, including Electronic Arts, which also has workers in the country.
“Absolute empowers enterprises, governments, agencies, educational institutions, and more to stay resilient in the face of growing and ever-changing cyber threats,” the company’s website reads in part.
The publicly traded company was founded in 1993 to “track-manage-trace” computers for the education sector and says it has since “evolved into the only provider of truly intelligent, self-healing security solutions.”
It recently announced its product won the 2023 Cybersecurity Excellence Awards.