(Bloomberg) -- Coupa Software Inc., the enterprise firm acquired by Thoma Bravo earlier this year, announced job reductions, becoming the latest technology company to prioritize profit in an uncertain economy.
“We aren’t doing this because of new ownership; we’re doing this to put Coupa on a stronger footing for long-term success,” interim Chief Executive Officer Charles Goodman wrote Tuesday in a letter to employees. He added that the cuts were made to improve profitability and decision-making speed. The company will also evaluate its real estate footprint, he said.
Goodman began leading San Mateo, California-based Coupa on May 1. Thoma Bravo, a private equity firm, completed the $6.2 billion acquisition in February. Coupa, a maker of software that helps companies track and manage the purchasing of goods and services, employed 3,076 people as of January 2022, according to regulatory filings.
A Coupa spokesperson declined to say how many roles were affected by the workforce cuts, saying “as notifications are ongoing, we’re not in a position to provide a specific number.”
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