Enterprise data management firm Informatica has announced plans to lay off 7% of its total workforce through the first quarter of 2023, the company said in a filing with the US Securities and Exchange Commission.
The company said it expected the cuts to better align its workforce to its cloud-focused strategic priorities and cut costs to suit current business needs. The move affects approximately 450 employees out of over 5,500 employees globally, Informatica said in the filing.
Informatica’s move to reduce its workforce will see the company incur non-recurring charges of approximately $25 million to $35 million in the form of cash expenditures for employee transition, notice period, severance payments and employee benefits, the company filing showed.
