SeaChange to save $6M annually in restructuring
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Jay Samit, CEO of SeaChange International of Acton.
SeaChange International of Acton has announced cuts to its Timeline Labs (TLL) operations in California that will save the company around $6 million annually while retaining the recently acquired firm’s clients and software.
The restructuring at TLL, which was acquired in 2014 for over $20 million, includes a “reduction in force” and a possible winding down of operations, the company reported in a Securities and Exchange Commission filing. SeaChange will continue to make use of the company’s software that allows media companies to analyze social media messages in real time, finding and broadcasting newsworthy social trends, according to the company.
The company provided no figures on the number of people affected in the reduction, but it is expecting to pay out approximately $1 million in restructuring and severance charges in the first quarter of fiscal 2016, according to the filing. An additional $6.2 million in a non-cash charge will also accompany the reductions as a result of impairment of intangibles associated with TLL.
At the time of the acquisition all TLL employees were absorbed.
WBJ Web Partners
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