Autodesk has released a restructuring plan that will accelerate the move to the cloud and help the organization transition to a subscription-based business model, the company states.
According to a company press release, Autodesk seeks to reduce expenses, streamline the organization, and reallocate resources to align more closely with the company’s needs going forward. It plans to reduce staffing levels in the near-term by 10% and to consolidate leased facilities.
“As we progress through our business model transition, we continue to take a comprehensive look at our company to see where we can be more effective and efficient. To realize maximum value for both our customers and shareholders, and as a follow-on to previously discussed cost reduction actions, we are restructuring so we can focus resources on areas that will accelerate the move to the cloud and transition to a subscription-based business,” said Carl Bass, Autodesk president and CEO. “To be clear, the restructuring announced today is not related to anything we are seeing in the macro-economic environment. We ended fiscal 2016 on a high note with very strong fourth-quarter billings growth and continued demand for our subscription offerings. Solid revenues, coupled with continued cost-controls, led to better than expected non-GAAP EPS during the quarter. I’m pleased we were able to deliver these results at such a critical moment in Autodesk’s transition.”
For more information, visit Autodesk.
Sources: Press materials received from the company and additional information gleaned from the company’s website.