Progress Software plans to slash headcount

Progress Software is set to lay off around 220-260 staff globally - or 12-14% of its workforce - for what it says is to position itself for "long-term growth and improved profitability".

The press release announcing the move must be congratulated on the heavy use of euphemisms in an attempt to bury the news. Entitled 'Progress Software Sets Course for Growth', you have to make it half way down before you realise this involves shaking up its sales, development and marketing team and consolidating some of its offices.

This is, it says, in order "better optimize operations and to improve productivity and efficiency". The restructuring is expected to be completed by February.

Progress counts many financial services firms among its customer base, including Credit Suisse, Deutsche Bank and Nomura. It also sells the Apama algorithmic trading technology in the UK.

Over the past few quarters the company has struggled against costs related to recent acquisitions and the stronger dollar. Nonetheless, it expects to "achieve or exceed" its fiscal fourth quarter revenue projection of $130m-$133m.