Thursday, January 20, 2011
Intermap Chops Another 30 Percent
Denver-based Intermap Technologies has cut another 30 percent of its workforce, the firm said this morning, as part of an ongoing restructuring. Intermap said the cuts, made across both its North American and European offices, support its efforts to reduce operating expenses and manage its cash burn. The firm said it will save approximately $4.1M annually on personnel related expenses as part of the layoff. The moves take the company's headcount to approximately 140 people worldwide. The cuts come only four months after a major cut in September, where the firm cut 17 percent of its employees, down to 571 employees.