More layoffs, and there will be even more close to the end of the year.
The support group got hit earlier, like a month ago, now it's continuing...
Gigamon is shedding nearly one-fifth of its Silicon Valley workforce, it said a month after its buyout by a global hedge fund.
The Santa Clara-based network monitoring company is laying off 74 employees at its headquarters, according to filings with the state of California. The "downsizing," as Gigamon executives refer to it in state documents, comes after activist investor Elliott Management Corp took the company private late last year in a $1.6 billion deal.
The headquarters cuts will begin around March 12 and run through June 30, according to the filings, and are part of a companywide restructuring that has impacted employees locally and abroad. In Santa Clara, affected positions include principal hardware and software engineers as well as leadership positions in investor relations and human resources.
"The transaction through which we became a private company has successfully completed and we now focus on our strategic plans ahead," the company said in a statement to the Silicon Valley Business Journal on Tuesday.
The cuts come just one month after the close of the company's purchase by Elliott Management. Law360 recently reported that Gigamon investors are seeking appraisal of the purchase, which was valued at $38.50 for each Gigamon share.
The deal was first announced in October and expected to close in the first quarter. Gigamon shares stopped trading on the New York Stock Exchange on Dec. 26.
The company continued in Tuesday's statement:
"We firmly believe that a disruption is long overdue in the world of infrastructure security and we are committed to being one of the driving forces behind that disruption. This enhanced focus continues to influence the characteristics of the workforce that we look to build, and in conjunction with a number of changes associated with no longer being an NYSE-listed company, we have completed an appropriate but small restructuring of our company that impacted some of our employees.”
As of November, the company said it had about 400 employees at its Santa Clara headquarters, which are spread out across two buildings at 3300 Olcott St.
The layoffs also come a few months after the celebrated its employees and the new, expanded headquarters. One reason for the renovation was to attract and retain talent to grow the 840-person global company, chief marketing officer Kim DeCarlistold the Business Journal at the time.