Another Atlanta unicorn is bracing itself for the economic impact of the global pandemic and announcing layoffs.
OneTrust, a privacy, security and third-party risk technology platform, has laid off 10-15% of its global workforce, according to spokeswoman Gabrielle Ferree.
Atlanta Inno received an anonymous tip about layoffs across all departments at OneTrust and reached out to OneTrust for comment. Ferree confirmed the news.
"Based on the current economic impact and uncertainty, and to protect as many jobs as we could for the long term, we had to make the difficult decision to cut between 10-15% of our workforce across our global offices," she said. "We care deeply about the people who have helped grow our company and have done our best to provide meaningful severance packages and extended medical coverage."
As of February, OneTrust had 1,500 employees across 10 offices around the world.
The news comes less than two months after the privacy startup raised its largest funding round to date --- a $210 million Series B. The funding increased the unicorn's valuation to $2.7 billion. The company hit unicorn status in 2019 after raising a $200 million Series A.
OneTrust works with companies’ privacy departments to be sure they are complying with privacy regulations and laws, such as the California Consumer Privacy Act, the EU’s GDPR and Brazil’s LGPD. In an age where privacy is a growing concern for customers, OneTrust helps companies know what data they’re collecting, how much and what they need to disclose to their customers.
The startup joins a number of companies in the Atlanta community that have announced furloughs and layoffs since March due to economic downturn created by the COVID-19 pandemic.
For a full list of layoffs and furloughs we have reported on, click here.
Editor’s note: While we don’t enjoy bringing news of hardship during this tumultuous time, we will continue to monitor the economic effects of COVID-19 on our local community and do our due diligence to report to the public. If you know of a layoff, furlough, closure or bankruptcy happening in the Atlanta startup and tech community, you can submit an anonymous tip here.
