Investment management solutions vendor Advent Software is to cut 90 jobs, or ten per cent of its workforce, in the first phase of a major restructuring programme.
The San Francisco-based company, which has been badly hit by the downturn in spending in the investment management industry, anticipates recording a restructuring charge for severance costs in the second quarter. The job cuts will affect all areas of the company, resulting in the closure of surplus office space by the end of the year, which may require further charges in later quarters.
The move follows the sacking of Advent Software president and CEO Peter Caswell last month. Stephanie DiMarco, Advent's chairman and founder who took over from Caaswell as CEO, says further job losses might be forthcoming as the financial sector continues to struggle.
"It's possible we will see some further headcount reductions this year as we continue to evaluate the business in the current environment," she says.
Advent announced a $7.5 million net loss in the first quarter as revenues plummeted to $33 million from $49.2 million in the year ago period.
Full financial details of the current round of restructuring will be released at the company's second-quarter confernce call on 16 July.