Splunk CEO Gary Steele revealed the company is laying off 7% of its global workforce, totally roughly 500 employees.

Cisco announced plans in September to purchase the cybersecurity firm for $28 billion, the company’s largest acquisition to date. While many may be quick to link the layoffs to the pending acquisition, in a message to employees that was filed with the SEC, Steele was made clear the two were unrelated:

Today, we are making the difficult decision to reduce our global workforce by approximately 7%. 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. The changes we are announcing are not a result of our agreement with Cisco; they are the continuation of the important initiatives we’ve undertaken across Splunk for more than a year to align our resources and operating structure to deliver ongoing and incremental value for our customers.

Steele says laid-off employees will receive severance packages, healthcare, and job placement assistance.