The past few years have presented many ‘once in a lifetime’ highs and lows. While the Electric team is a resilient one that has weathered many storms, we are not immune to the economic instability in today’s market. As such, we have made the difficult decision to reduce the size of the Electric team by 81 employees.
Electric has been a team on a high growth trajectory for a long time. As such, our primary reductions to headcount are in departments that grew in anticipation of continued high revenue and customer growth. These Electrons, as we call them, are some of the best in the business. Hard working, dedicated and incredibly talented individuals that have done great work for this company. We appreciate everything they have done as co-workers and friends and they will be missed.
The impetus for this difficult decision is the need to ensure that we have many years of runway as a business to continue with our mission to serve small businesses. In order to do that, we’re focusing much of our investment on product, service, and customer experience. While the outside world is out of our control, our effort must be applied squarely to those things within control: continuing to develop and deliver the best IT management solution for modern businesses. With that focus, we are confident that Electric will succeed in the long run.
What started as a faint idea for re-inventing IT support with a handful of people and some seed funding, quickly turned into the fastest growing IT company for small businesses ever. Every person at Electric, past and present, played a role in the journey up to this point. Just last year we hit nearly $40M in ARR and surpassed $200M raised from top-tier investors. We’ve been lucky to operate in a booming business environment. As the market shifts, it is our responsibility to respond and adapt alongside it.
We are working to support those impacted with laptops, career resources, extended healthcare and severance. Today our focus is on supporting our team, and our commitment to our customers, partners and the ecosystem is as strong and focused as ever. We’re here if you have any questions.
Ryan Denehy, Founder and CEO