Following rumors of a takeover, cybersecurity company NortonLifeLock (NLOK) will reportedly cut about 142 employees from its workforce while also reducing its total office space. The layoffs come as the company looks to cut costs.

NortonLifeLock, which has more than 11,000 employees worldwide, is expected to reduce its workforce in the San Francisco Bay area by 100 employees, according to the San Francisco Business Times. A reported 42 employees will also be cut in Plano, Texas, by February 2020, as reported by Community Impact.

Vincent Pilette, CEO of NortonLifeLock, told the San Francisco Business Times that NortonLifeLock will not only cut jobs but will be selling off real estate as a cost-cutting effort to help drive earnings growth.

NortonLifeLock was broken off into a standalone business after Symantec was acquired by Broadcom for $11 billion in the summer of 2019. The company will also reportedly layoff about 7% of its workforce in fiscal 2020.

NortonLifeLock has also become the interest of fellow cybersecurity company McAfee, which has bid to buy the company against other firms such as Permira and Advent International, the Wall Street Journal said.

Shares of NortonLifeLock were down 0.46% as of 11:29 a.m. EST on Friday.

NortonLifeLock
NortonLifeLock will layoff workers in California and Texas. Boxes of McAfee security software are displayed alongside Norton Anti-virus software by Symantec on a shelf at a Target store August 19, 2010 in Colma, California. Intel announed today that it plans to buy security software maker McAfee for a reported $7.68 billion. Getty Images/Justin Sullivan
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