Cognyte, an Israeli cybersecurity company, is laying off approximately 100 employees, representing about 5% of its workforce, in December 2022. This marks the company's second round of layoffs in recent months, driven by an effort to reduce salary expenses amid poor performance, a significant drop in sales, and declining revenues. The company, which primarily serves government clients, is facing challenges due to budget cuts and cancellations of potential deals, partly influenced by stricter export policies on surveillance tools. This move follows a trend in the Israeli tech sector, with another startup, Bizzabo, also announcing layoffs around the same time.
