Fast Search & Transfer lets go of 148 employees informs Pandia. SInce 2006, the company has hired over 400 employees and the cuts will occur in all offices around the world.
Pandia cites the reason for letting go 148 employees as, "The trouble started in the fall of 2006, when financial director Joesph Larson discovered unexpected losses of NOK 65 millions (USD 11 mill). Unfortunately that was not the end of the story. CEO John Markus Lervik now admits that the company has been too much technology- and sales-driven."
Though E 24 feels that Fast Search would last and work better if it was acquired by an international name.
On the other hand, Lervikk feels that,
"The search engine market has to be consolidated," he says. Ã¢â‚¬Å“but we would like to be in a position where it is we who Ã¢â‚¬ËœconsolidatesÃ¢â‚¬â„¢, instead of being Ã¢â‚¬ËœconsolidatedÃ¢â‚¬â„¢."
For the full article, read Fast Search & Transfer lets go of 148 employees.