Technology

KIT digital to retrench 22% staff in Q3

MUMBAI: KIT digital, a leading video management software and services company, is planning to cut 22 per cent or 300 employees of its workforce as part of its restructuring program announced earlier this year.


The restructuring plan will take place primarily during the third quarter of 2012 and will be completed by the end of calendar year 2012. The company currently estimates that it will record a restructuring expense in the third quarter of 2012 of approximately $4 million consisting primarily of one-time termination benefits of which the majority will be paid prior to the end of calendar year 2012.


The restructuring will further 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 said in a statement.


KIT Digital said it 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 KIT digital‘s interim Chief Executive Officer Peter Heiland.


"While we have completed some non-core divestures and reduced the non essential support infrastructure, we are preserving all of the strategic initiatives surrounding our core competencies as we believe they will drive significant growth."


According to KIT digital, the associated savings from employee related expenses will be approximately $40 million on an annualized basis. This total excludes additional savings from divestitures, which occurred during the second quarter of 2012.

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