Activist company

Burlington emergency software company Everbridge is laying off 200 employees

Everbridge, which makes software to help businesses respond to emergencies, said Wednesday it was cutting 200 jobs, or more than 10% of the business.

The cuts come after the Burlington-based company saw its stock price plummet and its revenue growth rate slow.

At around $28 per share in premarket trading on Wednesday, Everbridge’s share price is down more than 80% over the past year. In the first nine months of 2022, revenue grew less than 19% to $315 million, a slowdown from an average growth rate of 36% for the previous three years.

“2022 has been a year of transition, allowing us to focus on profitable growth as we enter the next phase of the business lifecycle towards 2023,” chief executive David Wagner said in a statement. Wagner was hired in July, after the company successfully defeated a proxy campaign by activist investor Ancora Holdings.

The company employed 1,893 people at the end of September, according to a securities filing. The current layoffs follow what the company described as “targeted realignment and downsizing” in May. Everbridge did not disclose the number of jobs cut at that time.


Aaron Pressman can be contacted at [email protected] Follow him on Twitter @ampressman.