SeaChange, the video software and services specialist, has revealed it will cut 10 per cent of its global work force as part of an effort to streamline operations that will result in annualised cost savings of around $11 million when completed.
SeaChange said it implemented the workforce reduction in the US and, in order to comply with non-US legal requirements, will implement the moves on an international basis “over the next several fiscal quarters.”
SeaChange CEO Jay Sam it said the streamlining was necessary in order to keep SeaChange growing, and was able to streamline its activities now that its latest range of software products had been brought to market.
“Our industry is in a major shift,” he commented. “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. 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.”