Intrinsyc cuts workforce by 20 per cent

Intrinsyc Software announced today that they are restructuring operations and management and reducing their workforce by 20 per cent. Intrinsyc recently completed the integration of Destinator Technologies – a provider of global positioning system software for mobile devices. This strategic acquisiton required the integration of the development, sales and administration operations of the bankrupt Destinator and has resulted in the consolidation of the Intrinsyc and Destinator sales forces.

The company blames slow revenue growth and is moving to reduce costs by shifting more development work to Beijing. The restructuring program is expected to result in an annual cost savings ranging from about US$6 million to $8 million and upon completion of the plan Intrinsyc will have 300 employees worldwide.