Software giant Anaplan begins layoffs after Thoma Bravo's $10.4B buyout deal

Software giant Anaplan begins layoffs after Thoma Bravo’s $10.4B buyout deal

Mass layoffs are underway at business software giant Anaplan, The Post has learned – with some impacted workers grumbling that buyout firm Thoma Bravo has “destroyed the company” since taking it private in a $10.4 billion deal last year.

The total number of Anaplan layoffs is believed to be significant, with hundreds of workers affected, according to interviews with insiders and multiple posts on the anonymous corporate message board Blind.

“The people doing the hard work and driving the product and revenue and supporting customers are being laid off, without any evaluation of the C-level leaders,” one recently departed Anaplan employee told The Post. “Morale is down, and many people feel [Thoma Bravo] destroyed the company.”

Remaining workers are now “worried about internal politics and job security,” the ex-employee added.

Led by the hard-charging Miami-based dealmaker and billionaire Orlando Bravo, Thoma Bravo briefly held talks with Elon Musk about crafting a joint takeover bid for Twitter, The Post reported last year. Musk ultimately decided to take Twitter private on his own in a $44 billion deal.

A major player in software investment, Thoma Bravo had more than $127 billion in assets under management as of the end of March. Bravo himself has an estimated personal fortune of nearly $8 billion, according to Forbes.

Some Anaplan employees have blamed Thoma Bravo for a shift in culture at the firm – with a worker grumbling last February on Blind that the company “was nice until TB showed up” and began cleaning house.


Thoma Bravo founder Orlando Bravo is pictured.
AFP via Getty Images

The buyout firm’s budget-slashing moves and leadership changes have been a source of major friction with longtime employees since the deal closed, sources said.

At least 119 employees were laid off at the company’s San Francisco headquarters, according to a Wednesday California WARN notice filing obtained by The Post.

The cuts occurred across the company, affecting software engineers, copywriters, security analysts and various other roles.

“Those employees are expected to be separated from employment as soon as June 28, with the majority being separated no later than August 21, with all separations accomplished soon after that date,” the notice said.

Two sources with knowledge of the matter told The Post that the layoffs totaled at least 300 employees overall.


Anaplan
Anaplan laid off more than 100 employees at its San Francisco headquarters, according to a state filing.
SOPA Images/LightRocket via Getty Images

One Anaplan employee claimed on Blind that more than 500 workers were impacted across offices in the US and UK.

Those two layoff figures would encompass anywhere from 15% to 25% of Anaplan’s overall workforce. The company has approximately 2,000 employees globally, according to its website.

A representative for Thoma Bravo declined to comment. Anaplan representatives did not return multiple requests for comment.

Anaplan’s US offices are located in San Francisco, New York and Minneapolis. The company also has offices in the United Kingdom, Germany, France and Israel, according to its website.

Some Anaplan employees confirmed they were out of a job on LinkedIn.

“That was quick. Unfortunately, yesterday my journey with Anaplan was cut short due to company layoffs,” said Andrew Kim, Anaplan’s former director of strategic technology partnerships. “I know many people have been here before, especially recently. It’s shocking, disappointing, and filled with a sense of loss.”


Anaplan
Anaplan is a business software company.
REUTERS

Anaplan began informing impacted workers that they were being laid off on Wednesday.

One laid-off Anaplan employee, who spoke to The Post on condition of anonymity, said they woke up Wednesday morning and noticed a “nondescript Zoom call” had been added to their calendar by a senior manager.

“When I joined the call, they had an HR rep with them and I knew something was up,” the employee said.

Several Anaplan employees detailed their knowledge of the mass layoffs on Blind.

“Engineering and highly technical support significantly impacted,” a second Anaplan employee said. “I understand the need for layoffs but this honestly seems like a strategic error. The platform is sure to suffer in the long and short term.”

“Been in the company for like 2-3 years now and the journey just got cutoff :(. Severance was just 2 weeks + 2 months of WARN,” another impacted worker said.


Thoma Bravo
Thoma Bravo bought Anaplan last year for more than $10 billion.
Thoma Bravo

A fourth Anaplan employee described the cuts as a “mass layoff” and said the company had received a “horribly-worded cold statement” from Fares Alraie, Anaplan’s chief technology officer.

“These idiots are so heartless, they have kept the directors and laid of [sic] all managers and IC’s,” the fourth employee added.

Thoma Bravo first announced its deal to buy Anaplan in March 2022 and finalized a $10.4 billion, all-cash transaction the following June. Anaplan stockholders receiving $63.75 per share in cash.

“The future of Anaplan is very bright, and we are excited to partner with Charles and the Anaplan team to continue advancing the Company’s vision and drive sustainable value for all stakeholders,” Holden Spaht, a managing partner at Thoma Bravo, said in a statement at the time.

In California, employers are required to file a WARN notice if they cut 50 or more employees within a 30-day window.

The regulation also requires companies to provide 60-day written notice to state and local officials and affected employees before conducting a mass layoff.


Source by [New York Post]

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