Tuesday, September 28, 2010
Intermap Chops Headcount
Denver-based Intermap Technologies, a provider of digital mapping and geographical information systems data, reported today that it has cut its employee headcount by 17 percent. The firm said the move comes as part of a restrcturing, and is aimed lowering expenses to match current revenues. Intermap said the cuts also included a "significant reduction" at the executive level. The firm said it now has approximately 571 employees worldwide after the cuts. Intermap said it expects to save approximately $3.6 million annually on its total expenses, and will pay out $1.1M in severance costs.