Callidus Software to buyback shares and downsize
Sales performance management company Callidus Software Inc. (Nasdaq: CALD), said late Tuesday evening that it will commence a $10 million share buyback program and reduce its workforce by 8%.
In an effort to achieve profitability, the small cap said it is downsizing in order to streamline costs and create greater efficiency. Callidus said it expects to achieve annualized savings in excess of $5 million, but record a charge of approximately $1.2 million in the fourth quarter for severance and termination related costs.
Shares of Callidus Software (CALD) were halted in pre-market trading.
