Vecima Networks has announced restructuring plans that will see the company reduce its overall headcount by 12 percent.
In the company's announcement, Vecima said that it expects to save $17.5 million from the restructuring, which is set to start in the second half of fiscal 2025.
Vecima said it expects to record related reorganization costs of approximately $3 million in the second quarter of fiscal 2025.
The company has not disclosed how many people will be affected, or how many staff it employs in total. On LinkedIn, it lists its company size as between 500-1000 people, meaning it is likely somewhere between 60 and 120 people are facing unemployment.
“Employment adjustments are difficult but necessary to ensure we have a balanced foundation for growth,” said Sumit Kumar, Vecima president and CEO. “We appreciate the contributions of the people impacted by today’s announcement and those who will drive our company forward.
“We continue to see strong long-term demand for access network upgrades, and our total market assessment has not changed. Customers are coalescing around unified solutions and are focusing on next-generation cable and fiber access, representing significant opportunities for Vecima."
Canada-based Vecima develops hardware and software for broadband access, content delivery, and telematics.
The company was founded in 1988 as Wavecom Electronics, before rebranding to VCom. The business changed its name once again in 2006, to Vecima Networks.
Vecima lists a number of telcos on its website as customers including Comcast, Liberty Global, Mediacom, Millicom, and Vodafone.
Earlier this year, CommScope pipped the company as the highest bidder to acquire Casa System's cable business assets.