SeaChange International says it took action in the fourth quarter of fiscal year 2012 resulting in more than $5 million of annualised cost reductions.
These cost reductions come principally from headcount reductions related to streamlining operations. SeaChange CEO Raghu Rau commented, “As we realign our resources to focus on delivering on customer commitments, we have targeted operating cost reductions as well as some facility rationalisation. It is important to note, however, that our commitment to research and development remains strong and we continue to invest heavily in innovative, next generation solutions that will provide significant competitive advantage to our customers.”
Rau added: “The cost reductions we are announcing today are part of our overall strategy to enhance shareholder value, drive operational efficiencies and deliver improved financial results.”