Telecom Lead America: Video management software provider
has decided to cut 300 jobs, or 22 percent of its total headcount.
The restructuring program enables KIT digital to right size its operation and streamline general corporate functions, while maintaining the company’s high standards of customer service and technical delivery.
The associated savings from employee related expenses will be approximately $40 million on an annualized basis.
The restructuring will enhance efficiencies and focus expertise in the company’s principal areas of operation.
The majority of the expense reductions will arise from non-core areas and general and administrative redundancies.
The company will continue to invest in its core competencies: KIT Cosmos video content management system (VCMS) software, supported by Managed Services and Professional Services; and the KIT Cloud web-based video-asset management system.
“By accelerating the integration of the company, we will be able to enhance our product offerings, improve time-to-market efficiency, and bring the business to a place of financial strength,” said Peter Heiland, KIT digital’s interim Chief Executive Officer.
“As we move forward we remain confident in our strategy, competitiveness, and our ability to create value for shareholders,” said Fabrice Hamaide, KIT digital’s Chief Financial Officer.
