Pilot Software is undergoing a reorganisation in the wake of its acquisition by investment company, Platinum Equity Holdings (PEH).
The online analytical processing (Olap) software supplier?s former owner, Cognizant - formerly part of Dun & Bradstreet - sold its 80 per cent stake in Pilot on 8 August and will undertake a $30 million non-cash write-off next quarter.
This implies that Pilot was sold for less than $10 million, including assumed liabilities, a fraction of what Dun & Bradstreet originally paid for it in November 1994.
Vincent de Gennaro, vice president of northern Europe, said: ?We?re undergoing a reorganisation, but we?re not finished yet and won?t be for a couple of weeks. I don?t know if the headcount will be reduced by 20 or 40 per cent yet, but Pilot has many offices that are not sited in the best of areas and we?re reviewing where to put our resources. The idea is to force and mass and create regional hubs in the US and Europe, where our resources are currently scattered.?
He added that a European training co-ordinator and three administrative staff had already gone in the UK and a couple had been made redundant in Germany.
Reports elsewhere have suggested that Pilot faces severe financial pruning, with most senior management and many local offices expected to go. Redundancies of up to 40 per cent are expected, with others likely to leave voluntarily.
But last week, PEH appointed its own man, John Diggins, as Pilot?s fourth chief executive in six months. Diggins is also CEO of Foresight Software, another company owned by the investement organisation.
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