Ellie Mae lays off more than 10% of its staff

In the wake of its recent acquisition by private equity firm Thoma Bravo, Ellie Mae has announced that it will lay more than 10% of its staff.

The private equity firm announced the $3.7 billion acquisition in February and completed it last month. In a statement emailed to MPA, Ellie Mae said the layoffs come as part of a “restructuring” following the acquisition.

“Since the Thoma Bravo acquisition announcement in February, our leaders have been working on a plan with Thoma Bravo that enables us to continue to execute our strategy and maintain our leadership position within the market,” Ellie Mae said. “To do this, we need to focus on our key priorities and deliver on a combination of both growth and profitability. While our strategy is the same, we now move forward as a private company, which required some restructuring in order to both achieve our financial goals, as well as to improve our ability to deliver on all of these critical initiatives.

“As part of this restructuring, we have made a very difficult decision to inform a little over 10% of our population from across the company that they will no longer be Ellie Mae teammates,” the company said.

The company told MPA that impacted employees would receive a severance package to assist them through the transition.

The company’s statement did not reference an exact number of layoffs, but it will most likely be around 160. As of Dec. 31, Ellie Mae employed nearly 1,600 people, according to a filing with the securities and exchange commission.