iPass Inc. (IPAS) Announces New Restructuring Plan Focusing on Technology Platform and Aligning Operating Structure
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iPass Inc. (NASDAQ: IPAS) announced a restructuring plan in support of the company's focus on the evolution of its business, driving its new technology platform and aligning its operating structure.
The restructuring is expected to reduce operating costs by approximately $8.6 million on an annualized basis with anticipated savings in the fourth quarter of 2009 estimated to be approximately $0.7 million. As part of this restructuring, iPass has initiated a reduction in its employee base of approximately 80 people from its total global workforce of approximately 455 people; approximately 56% of this headcount reduction is associated with the company's restructuring of its offshore development facility in Bangalore, India as iPass shifts the focus of its development efforts back to the US.
The company expects to take a restructuring charge in the fourth quarter of 2009 of approximately $4.6 million associated with employee severance, facilities costs and the termination of certain contracts.
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