WESTLAKE, Ohio (WJW) – Hyland Software, based in Westlake, is laying off about 1,000 employees, the company announced.

This makes up about 20% of the company’s workforce.

In a statement on the company’s website, Hyland CEO and president Bill Priemer said they’re adjusting team sizes and reassigning responsibilities across all levels at the company.

Priemer says this comes amid a shift in the market and issues with the global economy.

“We are evolving everything — from our software, to the way we support and deliver value to our customers, to our internal systems and processes,” Priemer said. “While we had planned for this investment, we did not anticipate the degree to which inflation, rising interest rates and wage increases would impact our expenses.”

Laid-off U.S. employees will get at least three months of severance, five months of healthcare benefits and access to career resources to help find a new job.

“You have made Hyland a better company and enriched our community. I am grateful for your time with us and wish that your Hyland experience was not ending this way,” the CEO said.