News Breaks
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| 16:22 EDT |  | IPAS |
| theflyonthewall.com: | iPass restructures to increase customer focus, promote operational efficiencies | | iPass announced a restructuring plan in support of the company's focus on the evolution of its business, driving its new technology platform and aligning its operating structure. The restructuring is expected to reduce operating costs by approximately $8.6M on an annualized basis with anticipated savings in 4Q09 estimated to be approximately $0.7M. As part of this restructuring, iPass has initiated a reduction in its employee base of approximately 80 people from its total global workforce of approximately 455 people; approximately 56% of this headcount reduction is associated with the company's restructuring of its offshore development facility in Bangalore, India as iPass shifts the focus of its development efforts back to the US. The company expects to take a restructuring charge in the 4Q09 of approximately $4.6M associated with employee severance, facilities costs and the termination of certain contracts. :theflyonthewall.com |
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