Technology companies 'overextended themselves,' according to Kaseya CEO
Kaseya CEO Fred Voccola shares his tech company’s success and touches on labor costs and A.I. developments on ‘The Big Money Show.’Fred Voccola, the CEO of Miami-based software company Kaseya, discussed why the industry is struggling and how his business is avoiding pink slips on ""What we're finding in the tech sector is a lot of the technology companies overextended themselves. And the primary reason for it is their customers," Voccola told FOX Business' Brian Brenberg.
"Most of the buyers of technology, if you think about a LinkedIn or a Microsoft or a Facebook, the majority of their customers are large enterprise companies. And those enterprise companies have spent the last 15 years digitally transforming themselves or investing huge amounts of money to make them digital-first companies. We're kind of at the end of that stage now. So the technology companies haven't properly adjusted their OpEx or their spending to account for that.
Mass layoffs at companies including Amazon, Meta, Salesforce, and most recently LinkedIn rocked the tech sector over the past year, leaving thousands without a place to work.
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