Tecnotree starts a cost savings plan
Stock Exchange Release
9 August 2016 at 08.30 a.m. EEST
Tecnotree has decided to start a cost savings plan covering the entire Group to be implemented by the end of the third quarter. In connection with this, Tecnotree has the target to reduce personnel costs by 5.0 million euros on an annual level, representing 100 man years. A part of the savings will be implemented in 2016 when one-time costs of approximately 1.9 million euros are estimated to happen. The savings will have a full impact in 2017.
Padma Ravichander, CEO
tel. +91 97 4151 3429
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps communications service providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetise service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With around 900 telecom experts, Tecnotree serves around 90 service providers in around 70 countries. Tecnotree is listed on the main list of NASDAQ Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit www.tecnotree.com.