MapR
- MapR, a cloud data management startup, said it plans to cut 122 jobs and close its Silicon Valley headquarters.
- The company said it is "actively pursuing a strategic transaction" that may allow it to keep the site open and retain some of the employees.
- MapR said it has received "more than one letter of intent from interested parties" related to this effort, though a spokesperson declined to say if the company is being sold.
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MapR, a cloud-based data management startup that has raised nearly $300 million in funding, appears to be struggling to survive.
The Santa Clara, California based company said Wednesday that it is "pursuing a strategic transaction" that would allow it to "avoid closing its Santa Clara site."
MapR is planning to eliminate 122 jobs, according to a California WARN notice on firms that were considering job reductions. On the report, MapR’s planned reduction was classified as "closure permanent."
Founded in 2009, MapR emerged as a leading cloud platform that enables businesses to store and manage huge data workloads using AI and big data analytics tools, such as Hadoop.
"MapR has been moving aggressively toward a more efficient business model," the company said in a statement to Business Insider. "That effort resulted in the elimination of many direct sales and sales supporting positions this year."
But the startup said it needs to "further increase its cost efficiencies and obtain additional funding to reposition the company for future success."
MapR said it has "received more than one letter of intent from interested parties, and today is engaging in the due diligence process in a transaction which, if consummated, may eliminate the need to close the Santa Clara site."
A spokesman declined to comment further on the types of transactions the company is considering, including whether MapR is up for sale.
MapR has raised $280 million in funding according to Crunchbase. But the company’s future is now uncertain.
"While MapR is optimistic about the possibility of a strategic transaction taking place, such things are inherently uncertain," the statement said.
"For that reason, MapR concluded that the most prudent course of action was to provide Santa Clara employees with the notice required under applicable law (WARN) while it continues to pursue a transaction that if successful may permit it to keep the Santa Clara site open and retain many of the employees that might have otherwise been affected."
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See Also:
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- The CEO of Podium helped his dad jazz up his tire shop’s online presence. He ended up launching a cloud startup backed by Accel and GV which now has more than 37,000 business customers.
Source: Business Insider – bpimentel@businessinsider.com (Benjamin Pimentel)