WalkMe, a leading player in the Digital Adoption Platform (DAP) market, has announced its second round of layoffs in 2023. The company will part ways with 112 employees, in addition to the 43 employees who were laid off earlier in the year. This amounts to 10% of the company’s workforce.
In a blog post, Dan Adika, CEO of WalkMe, expressed determination to build a strong and sustainable business, despite facing challenges from macroeconomic headwinds. Adika explained that the difficult decision to reduce the workforce was made in order to meet current business needs, better prepare for future growth, and deliver maximum value to customers.
Earlier this year, WalkMe had made a strategic decision to scale back its activities with small and medium-sized businesses and focus on organizations with over 500 employees. The company had gone public on Nasdaq in June 2021 at a valuation of $2.5 billion, raising $286 million, and currently has a market cap of around $983 million.
Founded in 2011 by Rafael Sweary and Dan Adika, WalkMe has developed a platform that allows organizations to adopt digital technologies without the need for additional coding. The concept behind WalkMe’s solution is to help organizations measure, promote, and take action to maximize the impact of digital transformation processes, thereby improving the efficiency of the software used by the organization.
Despite the recent layoffs, WalkMe remains focused on its goal of profitability and long-term growth, while navigating the challenges of the ever-changing business landscape.