Innofactor Plc Stock Exchange Release September 2, 2014, at 08:30 am Finnish time
Innofactor has today announced that it will start personnel negotiations in Finland regarding the reduction of less than ten positions and temporary layoffs based on financial and productional grounds. The negotiations affect the administrative functions and those business areas where customer purchasing behavior has changed. The estimated number of employees to be laid off is at the most approximately thirty.
In addition, Innofactor will close its St. Petersburg development unit which has been part of the Finnish subsidiary and has employed less than ten persons. The prerequisites for its operation have become significantly weaker and, thus, the company sees no opportunities to continue its St. Petersburg operations. In the future, the work conducted in St. Petersburg will be managed from Finland, which will not cause any breaks in servicing customers.
The above mentioned actions – together with the other improvement measures announced in conjunction with the Interim Report in July – aim at securing the company’s 2014 financial targets.
”The objective of the negotiations is to adjust the cost level with the current business situation and to improve our operations”, states Innofactor’s CEO Sami Ensio. “Our target, in line with our strategy, is still to expand our operations in the Nordic countries. This can happen both through organic growth and via mergers or acquisitions.”
Espoo, September 2, 2014
Sami Ensio, CEO
CEO Sami Ensio, Innofactor Plc
Tel. +358 50 584 2029
NASDAQ OMX Helsinki
Innofactor is one of the leading Nordic IT solution providers focused on Microsoft platforms. Innofactor delivers business critical solutions and maintenance services as a system integrator and develops its own software products and services. Innofactor’s own product development is focused on Microsoft’s Windows Azure based cloud solutions. Innofactor's customers include over 1,000 private and public sector organizations in Finland, Denmark, Sweden and elsewhere in Europe. The company has over 400 motivated and skilled employees in a number of locations in Finland, Denmark, and Sweden. From 2009 to 2013, Innofactor's annual net sales growth has been 43 percent on average. Leading Finnish business publication Kauppalehti selected Innofactor as the most successful company on the Finnish stock exchange in 2013. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ OMX Helsinki Oy.