Five9 plans to reduce its workforce by about 7% as part of an effort to boost profitability.
According to an SEC filing, the CCaaS software company estimates the aggregate costs associated with the plan to be between $12 million and $15 million, expected to be incurred primarily in the third and fourth quarters.
"Five9 is focused on driving shareholder value by increasing revenue, improving profitability, investing in our key strategic initiatives, and delivering for our customers," said Five9 CEO Mike Burkland in an email to employees regarding the workforce reduction.
The layoffs are expected to be substantially complete by the end of the year.
Earlier this month, Five9 acquired revenue execution platform Acqueon for an undisclosed amount, to create additional contextual data that further strengthens the value of the recently launched Five9 Genius AI Suite.
