Veteran Israeli information security company Siren is laying off all 121 of its employees

Posted on Feb 2, 2023 by Ifi Reporter

The veteran Israeli information security company Siren (formerly Comtouch) is laying off all 121 of its employees. The company, which was caught in a liquidity crisis, announced today (Wednesday) that it is considering closing its operations. In Israel the company employs about 50 people. In addition to the direct workforce, the company employs many contractor workers.
Siren is traded on Nasdaq. The company's revenues in the first nine months of 2022 amounted to $17.3 million, and it recorded a net loss of $25 million. In the corresponding period last year, it recorded revenues of $18 million, and a loss of $15.5 million.
According to its statement, "In response to the market situation and challenges in raising additional capital, the company approved a plan to reduce the workforce by 121 employees, representing virtually all of the company's workforce. In the absence of additional sources of liquidity, the management anticipates that the company's existing cash and the projected cash flows from operations will not will be enough to meet society's needs in the near term.
"The company continues to evaluate all of its strategic options, including potential monetization or liquidation of assets. In the event that the company determines that its liquidity will not allow it to meet its obligations or that additional sources of liquidity will not be available, the company may have to look for options available under insolvency law, including liquidation its".
Siren was called Comtouch until 2014, and was founded by Amir Lev, Gideon Mantel and Nahum Sharpman. It was traded on the Tel Aviv Stock Exchange until 2019, when it was delisted and remains traded on Nasdaq. It provides email security and threat detection solutions. The company's CEO from 2019 is Brett Jackson. The senior Israeli in the company is Lior Kochavi, Vice President of Strategy and Vice President for Advanced Solutions.


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