StorageNetworks cuts half its workforce

News

StorageNetworks cuts half its workforce

Storage service and management software vendor StorageNetworks is to lay off half of its workforce, replace its chief executive officer and co-founder, Peter Bell and tighten its links with outsourcing giant EDS.

The company, which moved from a mostly hosted-storage model to providing on-site storage, services and storage resource management (SRM) software, has seen sputtering sales during the past year.

Revenue dropped from $31.5m (£19.7m) in the fourth quarter of 2001 to $22m (£13.8m) for the same period in 2002.

"Because of the current economic climate and the immaturity of the SRM software market, we have decided to focus our energies on the opportunity we have to work with our partner EDS in further enhancing our storage management software products," new chief executive officer Paul Flanagan said.

Bell, who co-founded StorageNetworks in 1998, will continue to serve as chairman of the board of directors. Flanagan has also joined the board.

Email Alerts

Register now to receive ComputerWeekly.com IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.
 

COMMENTS powered by Disqus  //  Commenting policy