Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
KALTURA INC announced a restructuring with charges of approximately $1 million (approximately 11% of the Company’s current workforce).
- Type
- restructuring
- Charge
- approximately $1 million
- Headcount
- approximately 11% of the Company’s current workforce
Exact text from the filing
On January 3, 2023, the Board of Directors of Kaltura, Inc. (the “Company”) approved a re-organization plan (the “Plan”) that includes, among other things, downsizing approximately 11% of the Company’s current workforce and adapting the Company's organizational structure, roles, and responsibilities accordingly. The total cost reduction from the downsizing on an annualized basis is expected to be approximately $16 million. The Plan is focused on realigning the Company’s operations to further increase efficiency and productivity, in reaction to the current macro-economic climate. The Plan's main objectives are to position the Company for lower demand, spend, and available budgets across the Company's market segments, align the Company's business strategy in light of these market conditions and support the Company’s growth initiatives and return path to profitability. In connection with the Plan, the Company expects to incur pre-tax charges of approximately $1 million, primarily for seve
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