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Technology Stocks : CrossKeys Systems Corp [CKEY and CKY/TSE] -- Ignore unavailable to you. Want to Upgrade?

To: Francois Lavoie who wrote (741)	8/15/2000 3:55:47 PM
From: Francois Lavoie	Read Replies (1) \| Respond to of 792

Interesting article: Cash-rich Eftia announces layoffs Tuesday 15 August 2000 Cash-rich Eftia announces layoffs Restructuring not a sign of trouble, Ottawa software company says Bert Hill The Ottawa Citizen Eftia OSS Solutions, one of Ottawa most richly financed new technology companies, is laying off people. Eftia, which landed $30 million U.S. in new capital last month, said it has dismissed about 40 employees in the last few weeks as it retools operations. Marketing vice-president Karna Gupta said the action is not a sign of financial troubles but part of six-month-old strategy to become a product-based company. Still, the layoffs are a change of pace for a company which renovated a former centretown government office building to include a gymnasium, massage centre and other facilities that help retain scarce talent. Despite the cuts, Mr. Gupta said total employment has grown, reaching 500 around the world, including 400 in Ottawa. There was an earlier round of cuts in February predominately affecting contract employees. Fast-growing Eftia had just 16 employees 30 months ago. "We need different sets of skills than when we were customizing products for customers," Mr. Gupta said. He said the cuts involved a variety of jobs including sales, marketing and professional services. Last month, Eftia announced it had received the latest stage of $67 million U.S. in venture capital funding. Its previous major round in 1999 set a record at the time for Ottawa technology companies. Eftia makes operations support software for major telecommunications companies. It allows phone companies, particularly the new generation of competitive carriers, to measure performance in delivering service to customers and to automate backoffice functions. Eftia recently introduced a new product that supports high-bandwidth digital subscriber line services. It recently selected new chief operating and financial officers. Al-Karim Somji, who co-founded the company, is now chairman and chief executive.