Thursday, January 14, 2010
Ixia Cuts 80 Employees
Calabasas-based Ixia, a developer of network testing tools and software, is reporting this morning that it has implemented a "cost reduction initiative" and cut 80 positions from the firm, in what it said was primarily an elimination of duplicate resources from the company's October acquisition of Agilent's N2X product line. According to Ixia, the cuts will save it approximately $11M in annual costs. Ixia said the cuts should be complete by June 30th, and that it will take a charge of $3 to $4M for severance and other related costs. Along with the cuts, Ixia said it is expecting an increase in its revenues from the fourth quarter of $54M to $56M, above previous guidance of revenues of $50M to $54M, up 32 percent year-over-year and an increase of approximately 16 percent sequentially. Ixia acquired Agilent's N2X line in October.