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Kaltura Announces Re-organization Plan, To Cut About 11% Of Current Workforce
(RTTNews) - In a Form 8-K filing with the U.S. Securities and Exchange Commission on Wednesday, software company Kaltura, Inc. revealed that its Board of Directors approved on January 3, 2023 a re-organization plan that includes, among other things, downsizing approximately 11% of the Company's current workforce and adapting the Company's organizational structure, roles, and responsibilities accordingly.
The total cost reduction from the downsizing on an annualized basis is expected to be approximately $16 million. The Plan is focused on realigning the Company's operations to further increase efficiency and productivity, in reaction to the current macro-economic climate.
The Plan's main objectives are to position the Company for lower demand, spend, and available budgets across the Company's market segments, align the Company's business strategy in light of these market conditions and support the Company's growth initiatives and return path to profitability.
In connection with the Plan, the Company expects to incur pre-tax charges of approximately $1 million, primarily for severance and related costs, all of which are expected to be expensed in the first quarter of 2023. All of these charges are expected to result in cash expenditures. The Plan is expected to be substantially completed in the first half of 2023.
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