On February 23, 2023, StrongDM, a cybersecurity company specializing in Universal Privileged Access Authorization (UPAA), laid off 40 employees. The layoffs were a result of strategic growth missteps and the need to refocus the company's product and revenue strategy amid broader economic challenges affecting the tech sector. CEO Tim Prendergast stated that cost optimizations, including vendor reviews, were insufficient, as employee compensation was the largest expense, necessitating a team restructuring. The company, which serves clients ranging from Fortune 100 companies to startups, is focusing on its long-term plan to revolutionize traditional Privileged Access Management (PAM).
