Australian ERP software developer Mincom Pty Ltd is to lay off 110 employees, or almost 10% of its workforce, in preparation for a Nasdaq listing later this year. A drop in sales due to users switching spending to year 2000 solutions was blamed, but it is believed US analysts may have advised a streamlining of the company to make it more attractive before the IPO. The company has confirmed it is in discussion with a US investment bank. Mincom said the lay-offs were a temporary measure, to be redressed when Y2K spending is no longer an issue. Brisbane-based Mincom has 1200 employees internationally, but 50% of the dismissals are expected to be made in Australia, where 800 staff are based. The lay-offs will be made by February. There are no plans to halt construction of the company’s A$80m Brisbane headquarters.
