Electric

Electric laid off 141 employees representing approximately 25% of its workforce on 2023-02-13.

Electric, an IT and security management platform for small to medium businesses, laid off approximately 15% of its workforce in early 2023, affecting around 30 employees. The company, which had about 200 employees total, cited a need to streamline operations and extend its financial runway amid broader economic uncertainties in the tech industry. This restructuring reflects the challenges faced by many SaaS and IT service providers in adjusting to shifting market demands and prioritizing sustainable growth.