Alterian Slashes Workforce

Embattled UK-based social media analytics firm Alterian has announced cuts aimed at reducing its cost base by £10.6 million, including the reduction of its workforce from over 400 people to around 260.

The company says it is restructuring along 'product and geographic lines', and will also take a charge of £1 million in each of 2011 and 2012. It has already announced £6.2m in savings, back in May, which it says will be achieved by the end of this year. As well as job cuts, savings are being made through office consolidation and lower spending on travel and marketing.

The company, which employed 441 people as of March 31st, earlier this week rejected an offer from FTSE 250 translation software firm SDL, which valued it at just under £50m. First-half results will be delayed until November 16th due to the restructuring.

Co-founders Mike Talbot and Tim McCarthy resigned from their posts less than two weeks ago, while founder and former CEO David Eldridge stepped down in April.

Alterian is online at www.alterian.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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