Jobs website operator ZipRecruiter Inc. (NYSE: ZIP) and business spend management software and VMS provider Coupa Software Inc. announced job cuts, according to separate reports.

ZipRecruiter

ZipRecruiter is cutting approximately 270 jobs, which represent 20% of its global workforce, according to a regulatory filing. The cuts will be complete by the end of this month and half the affected employees are from sales and customer support teams. ZipRecruiter also announced that CEO Ian Seigel will receive a salary reduction of 30% of this base salary effective today.

The company said in the filing that the action is being taken in response to current market conditions and after reducing other discretionary expenses with a view toward driving long-term efficiency.

By streamlining its organization and optimizing its cost structure, ZipRecruiter noted it can execute faster with an increased focus on its top priorities and long-term strategic growth objectives, including continued development of its technology roadmap.

The Santa Monica, California-based firm will incur a pre-tax charge of between $7 million to $9 million during the fiscal year ending June 30 to cover severance and termination benefit costs.

The company also reaffirmed its adjusted EBITDA guidance of between $178 million and $192 million for the full year ending Dec. 31 and its revenue guidance of between $167 million and $173 million for the second quarter. 

Coupa

Coupa also announced job cuts, Bloomberg reported. CEO Charles Goodman in an email cited by Bloomberg said the cuts were not because of new ownership but were made to improve profitability and decision-making speed. Thoma Bravo, a Chicago-based private equity firm, in February completed the $6.2 billion acquisition of Coupa, based in San Mateo, California.