At least from what I'm hearing, layoffs have already started this week. I have no details, though, so if there is somebody who knows more and is willing to share that'd be great.
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LogMeIn was a great company, profitable. But back then CEO pay was about $2 mil, CFO, CMO, SVP of sales were around $1 mil - by acquiring GoTo from Citrix and bringing their revenues from $300m to over $1 bil, exec team was able to bring up total comp where CEO pay is now $8 mil, CFO around $4 mil and other execs like GMs all get $1m+ (this is cash and stock awards). Interesting how many employees were posting on LinkedIn and sharing the news of being acquired by a PE firm (everyone should know PE firms will look to do layoffs, cut down on expenses tremendously i.e. outsourcing and fewer employees, put more debt by taking cash out (i.e. like a home equity loan) and then will look to sell company off to someone else while keeping the cash they took out for themselves. So imagine I buy a home for $100k, I take out $50k in equity loan/debt and then I sell company for $110k (and the new company has to pay off my $50k equity), so now I have $50k I took out from company + $10k additional for the sales price so now I have $60k profit.
LogMeIn saw what Zoom was doing but ignored the threat, other solutions like LastPass don't work for enterprises (not secure, lack of security standards), remote support tools are cheaper with TeamViewer and then chat solutions are also cheaper with other vendors like LiveChat Inc, 247ai, Drift, and especially Salesforce chat which has it's own AI bot
All departments will be impacted. I’m receiving calls from both leaders and individual contributors from Santa Because /AZ area looking for work. Hear most product lines in grave danger. IT, Customer care, customer success, etc. Your leaders may reassure you only to be laying you off shortly. It’s every man for himself! Good luck!!!
Most importantly, what's getting hit next?