Knowledge Systems cuts 60 jobs

By THIS IS MONEY
Updated:

 

SOFTWARE group Knowledge Support Systems has axed more than 40% of its workforce as part of a restructuring programme designed to reduce its monthly running costs to less than £550,000 by the end of this year.

The company, which designs software to help other companies price their products, said the departure of 60 staff brought its headcount down to 80 and completed the first phase of a rationalisation plan.

The group, which has also slashed its research and development budget, wants to conserve its £26m cash pile for acquisitions to generate sales growth.

It also said it will stop selling its products to the telecoms sector. The group will instead focus its efforts on retail and oil clients in the US and Europe.

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