A GLASGOW company is to cut at least 50 jobs at its headquarters as part of a major shake-up.
Telecoms networking firm Damovo and its financial backers, venture capital firm Apax Partners, have said they are unable to rule out the eventual closure of the office in the city or the sale of the business.
Damovo employs 180 people at offices in St Vincent Street and Hillington Park Innovation Centre.
The cutbacks are the first since new chief executive Michael Collins took control at the end of last week.
He was appointed by Apax, which is an 80% shareholder in the business.
Collins replaces Pearse Flynn who quit Damovo last month after falling out with Apax over the future direction of the business and a lack of funds for takeovers.
A spokeswoman said: “We are in the private equity business and therefore all our businesses are for sale at the right price.”
