I was one of the unfortunate whose position was eliminated along with 300 other employees in Nov 2022 when the new CEO decided that this was the best restructuring plan for the company. Sad but true.
BOSTON BUSINESS JOURNAL
Everbridge corporate headquarters are located in Burlington MA.
Everbridge to reduce workforce by about 200, says CEO
Nov 8, 2022, 3:38pm EST
Burlington-based Everbridge Inc. is cutting approximately200 employees as the company moves forward
with its previously announced
"realignment of resources."
The critical event management company(Nasdaq: EVBG) reported its third-quarter financial results Tuesday. In a call with analysts, new CEO David Wagner said that the company foresees a lower
the growth rate in 2023, as it focuses on organic revenue growth.
"As a result of this slower growth, we made the difficult decision to extend the strategic realignment that we announced in May, whereby we now expect that 200 more positions will be eliminated by the end of the fourth quarter," he said. "This action will allow us to adjust our cost structure, keep control of our financial future, and deliver predictable revenue growth for our shareholders."
A representative for the company told the BusinessJournal that impacted positions are "across geographies and functions," but didn't say whether some are based in Massachusetts.
At the end of last year, Everbridge had 1,952 full-time employees.
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Everbridge started off the first half of 2022 with a proxy fight with activist investor Ancora Holdings Group LLC, which
called for a sale of the company after citing its "immense destruction of shareholder value." Wagner became Everbridge's CEO
in July this year, soon after the proxy context ended with Everbridge shareholders re-electing the directors that Ancora had withheld support for at the company annual meeting.
In May this year, the company announced
a "strategic realignment of resources" with layoffs, without sharing specifics. The announcement came a few months into the proxy battle, but ahead of the company's shareholder meeting.
In a public document dated Tuesday, Everbridge said that its board amended its "2022 StrategicRealignment program" first approved in May to include "additional targeted realignment and reduction of headcount."
The company now expects to record "approximately$14 million to $15 million in restructuring charges associated with the 2022 Strategic Realignment, including employee termination benefits, costs to consolidate facilities and other costs," Everbridgesaid.
Lucia Maffei
Technology Reporter
Boston Business Journal