TV software and services provider KIT digital is making over a fifth of its employees redundant in a bid to make annual savings of US$40 million (€30 million).
The company said it planned to reduce the size of its workforce by 300 employees, 22% of its total. All redundancies will be announced by the end of the year.
“By accelerating the integration of the company, we will be able to enhance our product offerings, improve time-to-market efficiency, and bring the business to a place of financial strength“ said Peter Heiland, KIT digital’s interim chief executive officer. “While we have completed some non-core divestures and reduced the non essential support infrastructure, we are preserving all of the strategic initiatives surrounding our core competencies as we believe they will drive significant growth.”
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