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New Delhi: US-based bug bounty and penetration testing platform HackerOne has announced to lay off about 12 percent of its workforce as the global economic slowdown continues to impact the tech community. The decision to job cuts will affect employees globally, including those in the US, Canada, the UK, the Netherlands, and other countries.

“I have made the painful and necessary decision to undertake a restructuring and we will reduce the size of our team by up to approximately 12 percent. This comes as disappointing news, as we’ve all built strong connections with our fellow Hackeronies. These actions are necessary to be successful long-term,” HackerOne CEO, Marten Mickos, said in a blog post on Wednesday.

“We’ve designed this reduction in force as a one-time event. We don’t claim to have perfect visibility into our future financial performance or the macroeconomic climate, but we unequivocally wanted to take a single action and move forward with confidence,” he added.

Mickos said the affected employees will receive severance packages, including cash compensation and non-cash benefits.

Moreover, HackerOne mentioned that the company continued to hire new employees and invested in new products to expand its platform capabilities, but the products did not meet expectations and caused cost burdens.

“HackerOne remains a category leader. We are one of the most important contributors to cybersecurity worldwide. We plan to be better, stronger, and faster when an improved business climate ultimately emerges,” the CEO said.

Meanwhile, US-based satellite-imagery and data-analysis company Planet Labs has announced to lay off about 10 percent of its workforce, or about 117 employees, amid restructuring.

“This action was taken to increase the company’s focus on its high priority growth opportunities and operational efficiency, which the Company believes will further support its long-term strategy and path to profitability,” Planet wrote in the US Securities and Exchange Commission (SEC) filing.