Intrinsyc cuts workforce by 20 per cent

Posted by Rob Lewis

Intrinsyc Software announced today that they are restructuring operations and management and reducing their workforce by 20 per cent. Intrinsyc recently completed the integration of Destinator Technologies - a provider of global positioning system software for mobile devices. This strategic acquisiton required the integration of the development, sales and administration operations of the bankrupt Destinator and has resulted in the consolidation of the Intrinsyc and Destinator sales forces.

The company blames slow revenue growth and is moving to reduce costs by shifting more development work to Beijing. The restructuring program is expected to result in an annual cost savings ranging from about US$6 million to $8 million and upon completion of the plan Intrinsyc will have 300 employees worldwide.

Company:
Intrinsyc Software Inc.
Website:
http://www.intrinsyc.com
Location:
Vancouver, British Columbia, Canada

Our unique software, hardware, and systems integration solutions enable companies to create, network and manage specialized, intelligent embedded devices and applications. We help customers increase ROI, lower risk, decrease costs and accelerate time-to-market. more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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