File sharing company Dropbox to layoff 11% of its global workforce; COO Olivia Nottebohm leaving the company | Tech News

The ongoing coronavirus pandemic has taken a toll on thousands, if not millions, of companies around the world. Some companies went out of business for good. Some have to layoff their staff to stay afloat. That’s the case with the file-sharing startup Dropbox that went public back in 2018.

According to the 8K filing released Wednesday, Dropbox is cutting its global workforce by about 11%, the company said in an 8K filing released Wednesday. The job cut will affect 315 people, who will be notified by the end of the business day. In addition to the layoff, the company also announced that Chief Operating Officer Olivia Nottebohm will leave the company on February 5.

In the filing, the company said:

“Dropbox also announced a reduction of its global workforce by approximately 11% to streamline its team structure in support of its business priorities. Dropbox will continue to hire for roles critical to product expansion and growth initiatives.”

Earlier today, Dropbox said: “The steps we’re taking today are painful, but necessary. Our recent decisions regarding our new leadership structure and remote work policy have set us on the right path, and now we need to make sure our teams and investments also line up. For example, our Virtual First policy means we require fewer resources to support our in-office environment, so we’re scaling back that investment and redeploying those resources to drive our ambitious product roadmap.”

Founded in 2007 by Arash Ferdowsi and Drew Houston, Dropbox simplifies the way people work together. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go. With 150,000 businesses on Dropbox Business, we’re transforming everyday workflows and entire industries. Dropbox received initial funding from seed accelerator Y Combinator.

Dropbox also raised US$1.2 million in Series A funding from Sequoia Capital in 2007, which “along with interest (on that amount) converted to equity as part of the Series A investment, which included a fresh slug of US$6 million”, bringing the total amount to US$7.25 million, with the round closed in 2008 and documents filed in 2009.

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