Smartsheet Inc. (NYSE: SMAR) laid off 85 employees this week, a reduction that included furloughed workers from a few months ago, the company confirmed to the Business Journal.
The Bellevue-based software maker said in an emailed statement that due to "drastic shifts in market demand," it was cutting 2.7% of its global staff. Smartsheet, like several other tech companies, said the layoffs will allow the company to position itself for long-term growth, though it would continue strategically hiring in some areas.
"We did not make this decision lightly and we understand the impact this will have on our team members and their families," the company said. "We thank the talented colleagues leaving Smartsheet this week and are committed to providing them support and resources to help in their transition."
The company wouldn't disclose which locations were affected most, or how many roles at its Bellevue headquarters would be eliminated. Smartsheet had more than 3,200 employees companywide as of last year and 781 locally, according to Business Journal research.
Smartsheet had recently reduced its real estate footprint, as well.
Last year, the company subleased 20,000 square feet of office space in Bellevue Place to Walmart's tech division. It was looking to sublease 73,000 square feet of office space at the property, according to the Broderick Group's third-quarter 2022 Eastside market report. That represents roughly 60% of its space that will come up for renewal in 2026.
The company has an additional 50,000 square feet at Bellevue Place expiring in 2024.
Between 2017 and 2021, the company tripled its workforce with offices in Boston, Sydney, London and Edinburgh, Scotland, in addition to its Bellevue headquarters. Smartsheet CEO Mark Mader took the company public in 2018 with a $150 million initial public offering.
Smartsheet's cutbacks follow a months-long trend of tech companies sizing down after scaling up during the Covid-19 pandemic. Recently, companies such as Picnic, Highspot and Bittrex have all gone through a round of layoffs.
Last month, the region's two biggest employers, Amazon and Microsoft, announced they were laying off thousands of employees companywide.
