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  1. Technology
February 23, 1999


By CBR Staff Writer

Platinum Technology Inc duly announced it will hand pink slips to 1,000 workers, or 15% of its workforce, as part of the restructuring it recently announced (CI No 3,594). The company will take a $110m charge as a result of the staff cuts and costs associated with closing 12 offices and consolidating its six business units into three. Platinum, which recorded a loss of $2.5m on revenue up 31% at $968m in its fiscal year through the end of December, hopes to save $90m a year as a result. After spending $500m on 14 companies in the last two years the company said it would halt any new acquisitions for at least six months as it tries to record a profit. A shortfall in its services business and lower-than-expected margins provided the trigger for the restructuring.

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