SeaChange Eyes End of Restructuring Process

Company expects to reduce workforce to about 300 by end of fiscal 2018
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SeaChange International, a company that specializes in multiscreen video interfaces and backoffice systems, said it expects to complete a cost-cutting restructuring process in the first half of fiscal 2018.

When the restructuring is complete, the company’s workforce will be reduced to about 300 people, company CEO Ed Terino said. That compares to the 660 employees SeaChange had at the end of fiscal 2016, he said.

The restructuring has also included a consolidation of some operations, including a reduction of SeaChange’s presence in the Philippines and a shift of engineering and technical support to its operations in Poland. The company has also been phasing out its legacy products along with other moves aimed at streamlining the business.

“We believe that these reductions will enable SeaChange to return the profitability in the second half of fiscal 2018,” Terino said.

For the full story go to Multichannel.com.

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