Sales performance management provider Callidus Software is to cut its 350-strong workforce by 8% in a bid to save $5m a year.
In the first nine months of the year, losses at the company grew to $9.6m from $8.8m, despite a 47% increase in revenue, prompting a review of the company structure and the efficiency of its operations. It also plans to buy back up to $10m of its stock. The cuts are expected to add $1.2m in costs to its fourth-quarter figures.
Leslie Stretch, who has just taken over as CEO, said making the cuts was difficult but it was important to streamline the company.