Feeds

ClearSpeed clears out staff

Pink slip acceleration

Protecting against web application threats using SSL

Floating point specialist ClearSpeed has been wounded by the subprime/credit crunch meltdown. The company has laid off a large chunk of workers to save costs, as its financial services clients abandon new projects.

One source reckoned that ClearSpeed dropped about 40 per cent of its staff, including consultants. But CEO Tom Beese told us the figure is "not quite as high as that." Still, Beese confirmed that large cuts occurred in the marketing department, along with smaller cuts in the sales, finance, administration and engineering groups. All told, ClearSpeed now employs 75 people.

"It's been tough for everyone," Beese said.

Financial services companies had been one of ClearSpeed's major markets. Such companies tend to buy cutting-edge gear and need the mathematical operation boost provided by ClearSpeed's floating point accelerators.

As a result of their own failings, these financial services firms have suffered in recent months and pulled back on internal spending.

"Things look like they're going to be slower than anticipated ahead of the credit crunch," Beese told us.

Still, ClearSpeed remains optimistic about its long-term prospects with customers in the high performance computing markets eyeing accelerators that can improve the performance of large server clusters.

"I feel like we're strongly placed and on course to drive our HPC business to profitability," Beese said.

In a Jan. filing, ClearSpeed revealed that it planned to embark on a reorganization to reflect "tougher market conditions." It also reported total cash reserves of close to $38m and savings of close to $8m from the layoffs. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Wanna keep your data for 1,000 YEARS? No? Hard luck, HDS wants you to anyway
Combine Blu-ray and M-DISC and you get this monster
US boffins demo 'twisted radio' mux
OAM takes wireless signals to 32 Gbps
'Kim Kardashian snaps naked selfies with a BLACKBERRY'. *Twitterati gasps*
More alleged private, nude celeb pics appear online
Google+ GOING, GOING ... ? Newbie Gmailers no longer forced into mandatory ID slurp
Mountain View distances itself from lame 'network thingy'
Apple flops out 2FA for iCloud in bid to stop future nude selfie leaks
Millions of 4chan users howl with laughter as Cupertino slams stable door
Students playing with impressive racks? Yes, it's cluster comp time
The most comprehensive coverage the world has ever seen. Ever
Run little spreadsheet, run! IBM's Watson is coming to gobble you up
Big Blue's big super's big appetite for big data in big clouds for big analytics
Seagate's triple-headed Cerberus could SAVE the DISK WORLD
... and possibly bring us even more HAMR time. Yay!
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.