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724 Solutions cuts 100 jobs

TORONTO-724 Solutions Inc., which sells wireless alert services to financial institutions and Internet Protocol gateways to wireless carriers, announced it will cut 100 jobs in an effort to further reduce company spending.

“We have made substantial progress over the past year in reducing the operating costs of our business,” said John Sims, 724 Solutions’ chief executive officer. “As we have said in the past, we continue to evaluate our relative investment in the different segments of our business in order to fit market opportunities.”

The company said the job cuts would result in annualized savings of $16 million.

Investors seemed to embrace the news, sending the company’s stock up slightly to about 50 cents per share.

Separately, 724 Solutions’ chief financial officer and senior vice president, Karen Basian, will leave the company, and be replaced by Glenn Barrett, the company’s current vice president of finance.

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