SAN FRANCISCO (KRON) — San Francisco-based cybersecurity firm Splunk announced Wednesday that it will lay off 7% of its workers. The job cuts come on the heels of the recent announcement of a $28 billion acquisition of the company by Cisco.

In a letter to Splunk employees, who he refers to as “Splunkers,” Splunk CEO Gary Steel said the layoffs were “not a result of our agreement with Cisco,” but rather, “the continuation of important initiatives” undertaken across the company “for more than a year.”

“As we work to finish FY24 and look ahead, we are taking this proactive and strategic step that further aligns our workforce to better enable Splunkers to meet the needs of our customers and partners, while remaining sustainable and cost effective,” Steele wrote in the letter, which was posted as part of a Securities and Exchange Commission filing.

The layoffs affect about 560 “Splunkers,” according to Forbes.

Founded in 2003, Splunk has evolved into an artificial intelligence cybersecurity firm that states its purpose as building a “safer and more resilient digital world.”

The job cuts will impact employees across the globe, according to Steele. U.S.-based employees will be notified on Wednesday. Notifications for employees in other countries may take longer, he added.

Laid off Splunkers will receive a severance package that includes healthcare coverage and job placement resources.

“I understand and appreciate that this news is difficult to receive,” Steele said. “For Splunkers whose roles are impacted, I want to share my deep appreciation for the hard work and passion you have shown for Splunk and our customers.”

Steele is now a member of Cisco’s Executive Leadership Team, as a result of the company being acquired.

The company will also be holding a town hall on Thursday to discuss the announcement. It’s not clear from Steele’s letter if laid off Splunkers will be invited to attend.