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Progress set to cut 14% of workforce

Progress Software is cutting up to 14% of its global workforce as it restructures operations to cut costs.

The enterprise software house said it also...

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Progress Software is cutting up to 14% of its global workforce as it restructures operations to cut costs.

The enterprise software house said it also planned other initiatives to gear itself up for long-term growth and better profits, which, in line with the rest of the industry, have fallen this year.

Staffing cuts are to be made in the sales, marketing and development organisations, Progress Software confirmed a statement late last night.

"This will result in the company reducing its global workforce by approximately 12%-14% across all functions and geographies, as well as consolidating its offices in certain locations globally," it said.

The actions were needed to achieve the "next important growth milestone", said Progress Software CEO Richard Reidy.

"We are restructuring our organisation in order to go to market as one company, or 'One Progress', to more effectively offer multi-product solutions, support and services," he added.

On top of the cuts, three initiatives have been designed to underpin top and bottom-line growth: aggressively bring new products to market; sell solutions to customers and partners; and raise the firm's brand.

As the company outlined the restructuring plans, it also revealed that revenues for the final quarter of fiscal 2009 were on course to "achieve or exceed" revenues and EPS expectations.

Sales showed a marginal sequential uplift in the fiscal third-quarter ended 31 August, rising 2% to $121m, albeit down on the $127m in Q3 fiscal 2008. Profits were down 56% year-on-year to $5.5m.

A version of this story appeared on Microscope.

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