Faced with a funding shortfall following last month's equity buyout, storage firm Plasmon has reduced its operations and cut staff to a minimal level.
In October, Plasmon Holdings completed a private equity buyout of Plasmon LMS and other assets of Plasmon in the U.K. However, funding for the operational plan had not been finalized by the new company's shareholders, Plasmon said. As a result, the Colorado Springs, CO-based vendor said it has been forced to restructure the company to a minimal staffing level.
The reduced staff is still selling and supporting the company's archiving operations, and customers continue to be covered by their current maintenance and warranty agreements, according to the vendor. In addition, Plasmon said it's exploring strategic options, working with strategic partners and potential investors.
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