Calgary-based Smart Technologies this week revealed a corporate restructuring plan that will "sharpen focus on each of its target markets in Education and Enterprise while simultaneously streamlining its corporate support functions." The plan also includes laying off 25% of staff.
Smart believes it will save up to $40 miillion annually once the restructure is fully implemented next year. Some of those savings will come from the employees it will lay off between now and March 31, 2013.
"Today's announcement marks a significant change in Smart's operating model and has been designed to improve the customer experience and provide a more efficient and robust platform to build upon. The new structure will accelerate innovation and enable a more effective go to market strategy for our Education and Enterprise customers," stated Neil Gaydon, CEO of Smart. "The markets Smart operates in remain challenging, and establishing the right operating platform is critical to successfully executing our strategy."
30 employees of the company were given notice this morning, marking the first wave of layoffs.