Application Security,
Artificial Intelligence & Machine Learning,
Next-Generation Technologies & Secure Development
Interim CEO Ken MacAskill Says Changes Will Speed Product Development and Execution
In a strategic move aimed at speeding up its operational effectiveness, Snyk has announced plans to lay off 90 employees. The Boston-based application security company aims to enhance its organizational structure by streamlining leadership, unifying go-to-market operations, and centering research and development (R&D) around four key areas of focus.
While Snyk did not specify the number of layoffs, sources such as Globes reported that the affected employees are located in the United States, as well as in Snyk’s Israeli development center. Interim CEO Ken MacAskill stated that the restructuring is essential for increasing focus, clarifying the company’s mission, and accelerating tool development.
In a communication directed towards customers and partners, MacAskill emphasized the changes planned for Snyk, saying, “What is changing is how we are organized. We are simplifying our structure so we can move faster for you, and that includes reducing the size of some teams.” He acknowledged the difficult decision to part ways with long-serving colleagues, whom he noted played significant roles in the company’s product development and everyday operations. MacAskill assured that the company is committed to treating every affected employee with fairness and respect.
The new organizational direction will involve unifying research and development under a single leadership and sharpening Snyk’s focus on pressing technological trends. MacAskill highlighted that the company is positioning itself to address AI-written code, autonomous agents in production, and emerging vulnerabilities that are capable of escalating into real attacks. This restructuring and the accompanying layoffs are intended to empower Snyk to better protect the software its customers currently utilize and develop future security solutions for evolving AI-driven software landscapes.
“The way software gets built is changing faster than at any point in our careers,” MacAskill wrote, noting the rise of AI and autonomous agents writing, deploying, and modifying code which presents new security challenges. He underscored that the company is adjusting its organization to act swiftly, with a more concentrated team, a clearer mission, and advanced tools aimed at serving clients efficiently.
This overhaul marks the fourth round of layoffs Snyk has undertaken in as many years. Prior to this, the company laid off 128 employees—approximately 11% of its workforce—in April 2023, followed by 198 workers in October 2022 and an additional 30 staff members in June of that year. Currently, Snyk employs around 1,481 individuals, which means the latest job cuts represent about 6% of the total workforce.
Snyk Grapples With CEO Change, Slowing Growth, Valuation Drop
The recent layoffs come on the heels of a leadership transition at Snyk. Former CEO Peter McKay announced his intention to step down in February, referring to the need for a leader well-versed in product innovation and artificial intelligence. McKay remained actively engaged during the transition until departing his role in April, at which point MacAskill, the former CFO, took over on an interim basis.
Snyk’s financial struggles have continued to surface, with the company reporting a loss of $267 million on sales of just $147 million in 2022, according to UK public filings. Despite a significant increase in revenue for 2023—jumping nearly 50% to approximately $220 million—losses also remained considerable, totaling around $175 million. In another setback, the growth rate for 2024 slowed to 26.5%, marking a downturn in financial momentum.
Since reaching a valuation peak of $8.5 billion in September 2021, Snyk has seen a significant depreciation in its market value. By December 2022, its valuation had decreased by $1.1 billion to approximately $7.4 billion following a Series G funding round. More troubling, T. Rowe Price marked the firm down to $6.9 billion in mid-2023, and BlackRock reduced its valuation to $3.7 billion over the past year, as reported by The Information last October.
Despite the setbacks, Snyk has exhibited resilience in the application security sector, bolstered by strategic acquisitions aimed at expanding its market reach since its founding in 2015. The firm recently acquired the Swiss AI security startup Invariant Labs in June 2025, designed to enhance its capabilities in new AI workflows and protocols, and in November 2024, Snyk took a significant step by purchasing the Portuguese dynamic application security testing company Probely, in response to heightened API security demands.