Progress Software to slash workforce

Progress Software to slash workforce

Massachusetts-based enterprise technology provider Progress Software is set to cut its global workforce by between 12% and 14% in a bid to cut costs.

The firm, which counts numerous financial services firms among its customers and sells the Apama algorithmic trading technology, currently employs over 1800 people, according to its Web site, meaning over 250 jobs could go.

Progress says it is restructuring its sales, development and marketing organisations "to better optimise operations and to improve productivity and efficiency". Cuts will be across all functions and geographies and some offices will be "consolidated".

Richard Reidy, CEO, Progress Software, says: "When I was appointed Progress Software's president and CEO earlier this year, I committed to leading Progress Software to its next important growth milestone. To achieve this milestone, we are restructuring our organization in order to go to market as one company, or 'One Progress', to more effectively offer multi-product solutions, support, and services."

The firm says it expects to achieve or exceed its fourth quarter revenue and earnings per share guidance provided in its third quarter earnings notice. At the time it predicted Gaap revenue in the range of $130 million to $133 million and Gaap diluted earnings per share of 33 cents to 35 cents.

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