TechTarget (TTGT) to Cut 76 Full-Time Employees; to Incur Pre-Tax Charge of $1.8-$2M

December 11, 2008 5:02 PM EST
In a Form 8-K, TechTarget (Nasdaq: TTGT) announced that it has implemented an expense reduction program that included (a) a reduction in workforce, (b) a reduction in certain office leases, (c) the elimination of its two print publications, and (d) a continuation of strict controls on discretionary spending. During the twenty-four month period immediately preceding the announced workforce reduction, the Company hired approximately 150 employees to support existing and anticipated growth. The reduction in workforce will result in a decrease of the Company’s employees by approximately 76 full-time positions, representing approximately 12% of its total workforce. The Company expects that it will complete this reduction in workforce no later than December 31, 2008.

As a result of the expense reduction program, the Company expects to incur a pre-tax charge of between $1.8-$2 million in Q408.

TechTarget, Inc. provides specialized online content that brings together buyers and sellers of corporate information technology (IT) products.

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