Connected intelligence company CalAmp (CAMP) announced on Friday that it initiated a restructuring plan to reduce approximately eight percent of its employees across various functions.
The Company implemented these actions to realign its operations to be more consistent with its Software and Subscription Services or S&SS, business model.
The company noted that these actions do not impact its sales initiatives and will help support its transition while also securing new customers around the world.
"We value our employees highly and considered this initiative carefully, but we believe it was necessary to help accelerate our business model conversion, address our legacy cost structure and drive higher profitability as a Software and Subscription Services business," said Jeff Gardner, CalAmp's president and CEO.
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