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Marketing director John Caron, confirmed that there had been layoffs but did not comment on the number of employees affected, although confirmed job cuts were made on every department. The company had about 150 employees before the reduction, the source said.
The company, which makes the Factory 5 Web services software environment, has been affected by the economy, Caron said.
"I think it's slow for everybody," said Caron. Companies that will survive the tough economy will include large market leaders and smaller, nimble companies with cash on hand, he said.
"You've got to go under the assumption that the storm's longer than people think it is," Caron said.
The company said it is "taking a proactive stance" of reducing its workforce, so that it can concentrate on its product and market development efforts.