Feeds

Infobank retrenches – again

What's left to trim?

  • alert
  • submit to reddit

High performance access to file storage

Infobank, the UK company soon to be known as Izodia, is cutting costs again.

The e-commerce software maker is shrinking Nordic activities to reselling its core InTrade product. Absalution will no longer be sold, but functionality will be incorporated into Intrade, the company said in a statement made at the Annual General Meeting (AGM) today. Two offices in the Nordic region are to be shut, resulting in the losses of an unspecified number of jobs.

The cuts follow an early round at the beginning of the year which saw "the re-alignment of South Africa, the absorption of the Proactive Solutions consultancy and the closure of the EPL integration services business in the United States".

The company says its three key issues are "cost reduction, product development and sales".

The spending cuts and cumulative headcount reduction of 40 per cent will reduce the loss-making company's cash burn by £15m a year. This will align expenses much more closely with anticipated revenues.

On the product development side, Infobank is trumpeting a favourable report on InTrade from the Butler Group, a UK analyst firm. This upgrade was released in January and is with several customers for development.

The company also announced two new customers were won this week (but not their names). The combined value of the deals is £1 million-plus. ®

Top three mobile application threats

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Ex–Apple CEO John Sculley: Ousting Steve Jobs 'was a mistake'
Twenty-nine years later, post-Pepsi exec has flat-forehead moment
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.