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Andhra Pradesh
Megasoft retrenches 80 employees
A. Saye Sekhar
HYDERABAD: Economic slowdown has impacted mid-sized IT companies with Megasoft retrenching 80 of its 400 plus associates in the last couple of weeks.
The company had announced plans to trim its workforce when it declared its third quarter results last month.
Ample hints were earlier dropped when it acquired Boston-based bcgi, a NASDAQ-listed company, last year.
CEO of Megasoft G.V. Kumar said that 286 employees of bcgi were given pink slips in three phases -- November-07; March and August this year) in its U.S. office. Currently, only 55 staffers are working in the U.S.
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