Video management software and services firm KIT digital is going through a lot of major changes this year, including founder Kaleil Isaza Tuzman stepping down as CEO and the company getting delisted from the Prague Stock Exchange.
This morning, the Czech-US company (which is still listed on NASDAQ) announced “the implementation of significant workforce reductions pursuant to the restructuring program” that was announced earlier this year.
As a result, KIT digital will lay off approximately 300 employees, or 22 percent of its total headcount. By shedding close to a fourth of its total workforce, the company plans to save roughly $40 million on an annualized basis, excluding additional savings from divestitures that occurred during the second quarter of 2012.
The lay-offs will occur primarily during Q3 2012 and will be completed by the end of this calendar year.
The restructuring program is meant to “enhance efficiencies and focus expertise in the company’s principal areas of operation”, the company said.
In case you’re not familiar with KIT digital: it offers a cloud-based video asset management system that enables enterprise, media and network operator clients to produce, manage and deliver multiscreen video experiences.
KIT digital says it services nearly 2,500 clients in 50+ countries, including major brands like Google, AT&T, BBC, HP, MTV, News Corp and Universal Studios.
The company recently appointed Peter Heiland as its new permanent CEO. Heiland, a Managing Director of JEC Capital Partners, owns approximately 8 percent of the outstanding shares of KIT digital through a variety of entities.
The Next Web’s Martin Bryant just interviewed KIT digital’s lead analyst at IBC: