Cybersecurity firm Splunk , set to be Cisco's largest-ever acquisition, announced Wednesday it would lay off approximately 7% of its global workforce, months ahead of the deal close.
Splunk had nearly 8,000 employees as of January, according to its regulatory filings, meaning that around 500 employees will likely lose their jobs.
"Within the next 24 hours, each ELT member will communicate with their organization to summarize any changes to their teams," Steele wrote.
Shortly after the announcement, Steele and Cisco CEO Chuck Robbins discussed the deal on a call with analysts.
Companies such as Google and Microsoft have cut thousands of employees, while many venture-backed companies have become so-called "zombie startups."
Persons:
Splunk, Gary Steele, Steele, Chuck Robbins, Robbins
Organizations:
Cisco, U.S . Securities, Exchange Commission, SEC, CNBC, Google, Microsoft
Locations:
Krakow, Poland, U.S