Business software solutions provider Progress Software Corp. (PRGS: News ), Wednesday revealed new restructuring plans to divest ten of its non-core product lines and layoff about 10 to 15 percent of its total workforce. The Bedford, Massachusetts-based company deemed the the new steps as necessary to improve profitability and shareholder value.
The company also authorized a $350 million share repurchase program as part of its restructuring.
Progress Software indicated the strategic plan the result of a five-month evaluation of its product portfolio, business model, capital allocation strategy, customer base and future opportunities, led by Chief Executive Jay Bhatt.
In the statement Bhatt said, “Valuable analysis, market feedback and lessons learned from previous product strategies helped inform our view and we fully intend to evolve Progress into a leaner company that will help to lead the computing evolution from on-premise to the Cloud. The Board and I are confident that Progress has the right DNA, scale and experience to make this transformation successful for the benefit of all stakeholders.”…
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via Progress Software To Divest 10 Non-core Products, To Layoff 10-15% Jobs.
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