CareerBuilder on Wednesday laid off 120 employees, or 4% of its global workforce. The report follows CareerBuilder’s acquisition by an investment group last month.

“This was a difficult decision,” CareerBuilder CEO Matt Ferguson said in a statement. “Our employees are the heart of our business.”

As CareerBuilder evolved from a job board into a broader HR software as a service company, there was a need to restructure the organization, Ferguson said. “We are investing more in areas with high demand and high growth potential and investing less in areas that are not core to our business. We believe the restructuring will provide more operational efficiencies and enable CareerBuilder to make a greater impact on employers and workers in our communities going forward.”

No additional layoffs are planned.