Intrinsyc reduces workforce by an additional 30%

Posted by Rob Lewis

We missed this lay-off announcement on Monday - must have been their wordy press release title: Intrinsyc Optimizes Operations in Response to Market Conditions.

Intrinsyc Software International, Inc. (TSX: ICS), a leading provider of mobile and embedded software solutions, today announced that it will implement a comprehensive cost reduction plan designed to preserve cash and working capital through the reduction in operating expenses by approximately US$10 million to US$11 million to approximately US$18 million to US$19 million on an annualized basis, resulting in a substantially reduced revenue breakeven level.

By streamlining its global operations, and reducing its workforce by approximately 30% to 215 employees worldwide, the Company is positioned to preserve cash on hand and better weather the current global economic environment.

This new round of lay-offs is on top of Intrinsyc's 20% cut made in September. According to my calculations Intrinsyc has shrunk from 375 employees three months ago to 215 today.

Hat tip to Xconomy.

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


blog comments powered by Disqus

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




Who's Hiring



Recent Comments

Powered by Disqus