Telematics company CalAmp CAMP 0.00 said last week it has begun a restructuring plan that includes an 8 percent cut of employees. The company said it is implementing the restructuring plan to realign its operations to be more consistent with its software-and-subscription-services business model.
CalAmp said the moves are necessary to help accelerate its business-model conversion, address its legacy cost structure and drive higher profitability. “We value our employees highly and considered this initiative carefully, but we believe it was necessary to help accelerate our business model conversion, address our legacy cost structure and drive higher profitability as a Software and Subscription Services business,” said Jeff Gardner, CalAmp’s president and CEO, in a statement.
CalAmp, in December, reported a loss of $4.7 million on revenue of $78.9 million in its third quarter.
In other industry financial news, Navya [NAVYA] has filed “a declaration of cessation of payments” with the CalAmp Restructures, Cuts 8 Percent of Employees
The company said that all attempts to gain funding from investors have failed. Shareholders include the Valeo and Keolis groups. The company reports current liabilities and does not have sufficient available resources to meet them, Navya said in a press release.
Contact: Mark Gaydos, CalAmp, (240) 994-3027, firstname.lastname@example.org.