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Moogsoft Launches Growth Crisis

Moogsoft Launches Growth Crisis Resulting To Layoffs

Phil Tee, co-founder and CEO of Moogsoft, identified TechCrunch with over 18% of its workforce, or over 30 employees, in the eight months since the $ 40 million D-Series was launched.

The dismissal happened at the end of October. Soon, Moogsoft announced the hire of two executives. Among them was Amer Deeba, who recently resigned from Qualys Since the U.S. Securities and Exchange Commission (SEC) charged him insider trading

Founded in 2012, Moogsoft provides AI intelligence (AIOps) for IT operations, enabling teams to work more efficiently and prevent power outages. According to PitchBook, startups have invested $90 million to date, earning a valuation of $ 220 million in the latest round. Goldman Sachs, Wing Venture Capital, Redpoint Ventures, SingTel Innov8, Dell’s venture capital firm, Northgate Capital and others. Wing VC Founder and longtime Accel management partner Peter Wagner and Redpoint partner John Walecka are current investors at Moogsoft’s board of directors.

Tee was the founder of two listed companies (Micromuse and Riversoft) and influenced several teams throughout the company. However, no He argued that it is a sign of a business that is experiencing difficulties, claiming the right to pass on startups seeking venture scale.

“We are a classic VC – enabled starter. It has grown. “Tee told TechCrunch today.”There are times when there are strategic adjustments in almost every successful company … Unfortunately, do you need the right personnel? ”

Moogsoft doubled its revenue last year and added Fortune 200 companies to its customers as a customer, following a statement announcing the latest Fortune. Tee said it was “a thing of joy” about the company’s recent adoption of the C Suite.

Moogsoft announced the latest manpower reduction on November 2. Only one week has been laid off. It is a common strategy for companies that want to shine on less news, such as major workforce reductions. The employer was formerly Splunk Vice President Raman Kapur, Moogsoft’s first financial officer, and Amer Deeba, a long-time executive at Qualys, were named Chief Operating Officer (COO).

For the past 17 years, Deeba has been with Qualys, a provider of cloud-based security and compliance solutions. In August he resigned on charges of insider trading. The SEC filed a complaint against Deeba on Aug. 30, claiming it had informed two brothers who had missed Qualys’ revenue target that they notified two brothers before publishing their financial results in the spring of 2015 publicly.

“Deeba informed his two brothers about that mistake and contacted Brother’s brokerage firm to cooperate with sales of all of his brother’s Qualys shares,” the SEC wrote in a statement. “When Qualys publicly announced his financial results, he reported that he missed the previously announced first quarter earnings guidance and revised the annual earnings guidance for 2015. On the same day, Deeba told one of his brothers, Deeba’s brothers did not profit from their actions, but Deeba’s brothers sold Qualys stocks to a loss of $ 581,170 for the joint venture.”

Under Deeba’s agreement, he was not entitled to serve as an officer or director of the SEC reporting company for two years and was ordered to pay a fine of $581,170.

Tee never acknowledged Deeba’s guilty conscience and said it had already had a positive impact on Moogsoft.

“[Deeba] He is an incredibly impressive individual and he has full confidence myself and the board.”

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