Lacework

Lacework's workforce shrank by nearly 35% from its June 2022 peak to early 2024 without formal layoff announcements. Fortinet acquired Lacework for $152.3M in August 2024 — a 98% valuation drop from its $8.3B peak in November 2021. Failed acquisition talks with Wiz reportedly fell through during due diligence. Post-acquisition, Lacework contributed $31.1M revenue and $45.8M net loss to Fortinet in 2024.

Lacework laid off 180 employees immediately following its August 2024 acquisition by Fortinet for $152M — a 98% valuation drop from its $8.3B peak. This came on top of a prior 20% cut (~200 employees) earlier in 2024. The company shrank from its June 2022 workforce peak of 1,000+ to a fraction of that by the time of acquisition.

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Lacework laid off 25% in 2023. Cloud security startup downsizing dramatically.