In an SEC filing, DocuSign announced that it will cut 10% of its workforce, impacting roughly 700 employees.
While the digital e-signature software firm benefitted from the pandemic tech boom, it has experienced a major growth slowdown in the past year.
- San Francisco-based DocuSign said the layoffs will primarily impact employees in its worldwide field organization.
- The cuts will help support its growth, profitability, and scale objectives, it said.
- The firm expects to spend $25M to $35M on severance and other costs related to the layoffs, according to the SEC filing.
- DocuSign previously reduced its workforce by 9% in September as part of another restructuring.
- Also today, it was reported that Chinese VR startup Pico Interactive has started laying off some employees. The ByteDance-owned company is targeting job cuts of 20% to 30% of its 2,000-member team, or 400 to 600 people.
