The banking software provider is letting staff go, in a big to kickstart its transformation. The move follows a widening full-year loss.
Zurich-based Crealogix's full-year loss deepened to 2.4 million Swiss francs ($2.6 million) from 1.9 million francs year ago, it said in a statement on Tuesday. The software provider said it is cutting ten percent of its workforce, which totalled 692 people at year-end – meaning roughly 70 jobs.
It will book a 7 million franc charge against the full-year ended in June to do so. «These costs are resulting from streamlining business processes, unifying the product platform and realizing a leaner organisation» into a so-called software as a service model, Crealogix said.
The company's measures come as it hiked sales by 1.7 percent to 103.7 million francs – with January to June period surging more than 13 percent. Crealogix presents detailed financial results on September 15.
