EnerNOC (ENOC) to Restructure EIS Business; Will Cut 15% of Jobs
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EnerNOC, Inc. (Nasdaq: ENOC) announced that it is restructuring its subscription-based EIS business to refine its focus to select industry segments and high potential customers. This move, from broad market creation to a more targeted EIS go-to-market strategy, will materially reduce EnerNOC’s operating expenses, including an immediate reduction of its global workforce by approximately 15 percent.
“Over the past several years, we have made important product-related acquisitions, developed industry-leading EIS technology, and shaped the emerging EIS market. As a result, we are experiencing traction within a few key industries and with dozens of progressive enterprises that are ahead of their peers on the energy management maturity curve,” said Tim Healy, EnerNOC’s Chairman and CEO.
“We remain confident that forces such as increasingly common mandates to report energy consumption, investor interest in sustainability, and pressure to reduce energy risk throughout the supply chain will drive a substantial long-term EIS market opportunity. That said, we are restructuring our subscription software business to focus on those customers who are ready to buy in the near-term, reducing some redundancies associated with our previous acquisition activity, and continuing to work to ensure that we have the best EIS solution in the industry. We will continue to invest in customer success, but by adjusting our investment to meet the current market demand, we’ll ensure that we’re in the strongest possible financial position as the market matures,” continued Healy.
EnerNOC also announced today that it is reaffirming its previously issued third quarter and full-year financial guidance.
EnerNOC plans to provide additional details on the restructuring in conjunction with its upcoming third quarter earnings release in early November.
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