Volante goes shopping after layoffs

Volante goes shopping after layoffs

Local IT services company Volante is on the acquisition trail all but one month after a restructure saw 26 people sacked on the same day.

Volante CEO Ian Penman said the company can grow either organically or through mergers and acquisitions, so is "always looking".

"We recently made one very small acquisition which will be publicly announced soon," Penman said, adding Volante also has its eye on as many as seven other companies, with up to three "serious opportunities".

"We have a good balance sheet and low debt and have the cash available to acquire companies," he said.

In an ongoing effort to "reduce our cost base", about 2.5 percent of the company's staff, or 26 people, were made redundant last month. Total staff reduction over the last three months is 55 including not replacing those who resigned from the company.

"Some were made redundant, but this was not for performance reasons," he said.

Penman described the layoffs as "not an out of the normal process" as he is trying to strengthen the business.

"Instead of 11 business units we have three," he said. "It's a re-engineering of the business to a large extent and not a dramatic change."

Regarding new hires for its "fastest growing" services business, Penman said, "We employ all the time", adding he has approved three or four new hires in the last two days.

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