Threat Stack, a Boston-based cloud security monitoring tools and software provider, has laid off a number of employees.
In an email to BostInno, a company's spokesperson said on Friday that "less than 10% of employees" were impacted. As of May this year, the company had 150 employees.
"In support of our refined strategy, we have made a strategic decision to reallocate resources," the company's spokesperson wrote. "We do this from a position of strength, with a significant portion of our series C investment still on the balance sheet so we can capitalize on the market opportunity."
In September 2017, Threat Stack raised $45 million in a Series C funding round led by F-Prime Capital Partners (the venture capital group associated with the parent company of Fidelity Investments), and Eight Roads Ventures. Existing investors Scale Venture Partners, .406 Ventures and Accomplice participated in the round, which brought the total investment in Threat Stack to more than $70 million.
The statement continued: "This is the typical evolution of a company that moves upmarket. Threat Stack is a growing company and committed to continually building its team in Boston. Once we fill our 17 open positions, the company headcount will be unchanged."
Based on Threat Stack's goals for headcount by the end of 2018, the company's spokesperson added they expect 50 percent employee growth year-over-year. In May this year, the company said it expected to bump its headcount up to 185 by the end of December.
"At our stage, right now, we’re not a candidate to go public. … But I genuinely believe there will be a cloud-native IPO and I’d like to think that Threat Stack will have a strong seat at that table," Brian M. Ahern, CEO of Threat Stack, said in a previous interview with BostInno.
As of Monday morning, the company's website listed 15 open positions at Threat Stack's Downtown Crossing office, mostly in engineering, but also in marketing, product and sales.
