High-valued private security companies like Snyk , Tanium and Illumio told CNBC that they have no plans for layoffs or to even slow down hiring, as they remain well capitalized and are experiencing a boom in business.CEO Peter McKay acknowledged that “the cost of money has gone up massively from what you could raise before in the multiples going forward,” but he said his company is just fine after raising $530 million last year.
“We don’t have to raise,” said McKay, whose company’s technology helps customers quickly spot vulnerabilities in their code. “We’ve got a path to profitability, and we’ve accelerated our path to profitability.”, said his team is watching to see what clients are doing, but as of now there’s no sign of a slowdown. The company just closed out its biggest first quarter ever in terms of customers and revenue, after increasing headcount last year by 1,000 people, or more than 80 percent.
One thing Ross said he’s hearing from customers is that they’re consolidating their security portfolio into a few essential vendors and cutting elsewhere. Tanium’s technology gives IT managers visibility across their network to assess threats and see where protection is lacking. It typically sits alongside software from endpoint security providers like CrowdStrike or SentinelOne, Ross said.
“We have absolutely no conversation happening inside the company about laying anybody off,” said Rubin, whose company rAri Levy is CNBC's senior technology reporter in San Francisco. He joined in June 2014. Prior to CNBC, he spent 11 years at Bloomberg News, starting with financial coverage in New York, before moving to the Bay Area, where he wrote about venture capital, deals and dealmakers, technology start-ups and innovation. He also edited stories across the technology landscape and contributed to Bloomberg Businessweek and Bloomberg Markets.
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