(Source: Datamonitor)
Application infrastructure software developer Progress Software has announced up to 14% reduction in its global workforce as part of a series of initiatives to better position the company for long-term growth and improved profitability.
As part of the strategy, the company is restructuring its sales, development and marketing organizations as well as other functions to better optimize operations and improve productivity and efficiency. Job cuts are planned across all functions and geographies. The company will also consolidate its offices in certain locations globally.
Richard D. Reidy, president and chief executive at Progress Software, said: "We are 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."
In September, the company reported a 56% decline in net income to $5.5m for the third quarter 2009, compared to $12.5m in the year-ago quarter. Revenue was down 6% at $119.4m.
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