Espial wields axe

Espial Group Inc. cuts about 30% of its staff on the heels of tumbling Q3 revenue. The IPTV middleware and applications maker says the layoffs, which extend to upper management, will reduce operating expenses by roughly $3.1 million a year. The move will cost the company approximately $500,000 in severance Espial.JPGand related payments, and leave roughly 70 employees. “We regret that we have to reduce our workforce, but believe that these actions ensure the right timing and use of resources towards successfully achieving our key business objectives…” says Espial CEO Jaison Dolvane. Chief financial officer Bob Daly is among those leaving the company. Mr. Daly joined Espial as a part-time consultant before joining the company on a full-time basis to assist with Espial’s IPO last June. In its third quarter, Espial’s revenue dropped 64.7%. However, the company trimmed losses by $100,000 to $2.1 million.

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