Absolute Software Announces Workforce Restructuring
06 April 2023 - 2:00PM
Business Wire
Absolute Software™ (NASDAQ: ABST) (TSX: ABST) (the “Company”),
the only provider of self-healing, intelligent security solutions,
announced today that on April 4, 2023, the Company effected a
restructuring plan (the “restructuring”) to lower the Company’s
operating expenses. Pursuant to the restructuring, the Company
reduced overall headcount by approximately 40 people, which
represents approximately 5 percent of total employees, and will
lead to office space reductions.
The Company estimates that it will incur non-recurring charges
of approximately $1.8 million to $2.8 million in connection with
the restructuring, primarily consisting of severance payments,
notice pay, employee benefits contributions and related costs and
impairment charges related to the exit and sublease, or cease use,
of certain office facilities that the Company does not currently
occupy. The Company expects that the majority of the restructuring
charges will be incurred in the fourth quarter of fiscal 2023 and
that the implementation of the headcount reductions, including cash
payments, will be substantially complete by the end of the fourth
quarter of fiscal 2023.
Potential position eliminations and office reductions are
subject to legal requirements that vary by jurisdiction, which may
extend this process beyond the fourth quarter of fiscal 2023 in
certain cases. The charges that the Company expects to incur, and
the timing thereof, are subject to a number of different
assumptions, including legal requirements in various jurisdictions,
and actual expenses may differ materially from the estimates
disclosed above.
About Absolute Software
Absolute Software (NASDAQ: ABST) (TSX: ABST) is the only
provider of self-healing, intelligent security solutions. Embedded
in more than 600 million devices, Absolute is the only platform
offering a permanent digital connection that intelligently and
dynamically applies visibility, control and self-healing
capabilities to endpoints, applications, and network connections -
helping customers to strengthen cyber resilience against the
escalating threat of ransomware and malicious attacks. Trusted by
nearly 20,000 customers, G2 recognized Absolute as a Leader for the
twelfth consecutive quarter in the Winter 2023 Grid® Report for
Endpoint Management and as a Leader for the second consecutive
quarter in the Grid Report for Zero Trust Networking.
©2023 Absolute Software Corporation. All rights reserved.
ABSOLUTE, the ABSOLUTE logo, and NETMOTION are registered
trademarks of Absolute Software Corporation or its subsidiaries.
Other names or logos mentioned herein may be the trademarks of
Absolute or their respective owners. The absence of the symbols ™
and ® in proximity to each trademark, or at all, herein is not a
disclaimer of ownership of the related trademark.
Forward-Looking Statements
This press release contains certain forward-looking statements
and forward-looking information, as defined under applicable
securities laws (“forward looking statements”). Forward-looking
statements in this news release include statements regarding the
anticipated amount and timing of expenses and charges associated
with our restructuring plan. Such statements and information are
based on the current expectations of our management team, and are
based on assumptions and subject to risks and uncertainties.
Although we believe that the assumptions underlying these
statements and information are reasonable, they may prove to be
incorrect. Except as required by applicable securities laws,
forward–looking statements and information speak only as of the
date on which they are made, and we undertake no obligation to
publicly update or revise any forward–looking statement or
information, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230406005263/en/
For more information:
Media Relations Becki Levine press@absolute.com
858-524-9443
Investor Relations Joo-Hun Kim IR@absolute.com
212-868-6760
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