Video technology provider SeaChange is cutting 10% of its global staff in a “streamlining” effort designed to create savings of US$11 million (€9.7 million) per year.
In a statement released this week, SeaChange said the staff cuts have been implemented immediately in the US and, to comply with non-US legal requirements, will be implemented internationally over the next several fiscal quarters.
“These reductions reflect the company’s ability to streamline its activities now that its next generation software products have been brought to market and are being deployed around the globe,” said SeaChange.
The company said it anticipates that the cuts will result in restructuring and severance charges of roughly US$1.3 million in results for the fourth quarter of fiscal 2015, which are due to be announced in April.
Possible additional charges in future quarters will apply as the non-US cuts are implemented, it added.
“SeaChange has delivered on its long-term strategic commitment and ongoing investment to bring a new generation of software products to market and enable a range of innovative IP-based video services for its customers,” said SeaChangeCEO Jay Samit.
“With Adrenalin and Nucleus established in the marketplace, we can now orient our industry-leading resources toward capturing the lead in additive applications to help our core customers grow revenues and expanding our customer base into new segments such as OTT video services.”
As of January 31, 2014, SeaChange’s total workforce numbered roughly 727 people, according to figures it gave in its 2014 annual report. This implies cuts of roughly 73 jobs, though SeaChange did not detail the precise number of positions that will go, only the percentage figure.
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23rd October 2019