Waterloo’s Open Text slashing global workforce by about 5 per cent
Posted May 21, 2015 07:17:28 AM.
This article is more than 5 years old.
Waterloo-based Open Text has announced it will cut its global workforce by about 5 per cent.
It is not clear how that will affect its local operations.
It’s part of a restructuring program announced yesterday as the company looks to further support its Cloud strategy.
In a statement, President and CEO Mark Barrenechea says, “Effective immediately, we are announcing a simplification of our business structure around Enterprise, Information Exchange and Analytics, as well as a new Global Technical Services organization.”
The company says the cuts will initially cost $25-million, but will ultimately save them $50-million in annual operating expenses.
