ASX-listed LiveTiles will shed a further 48 staff globally, in an effort to cut costs so as to break even with cashflow for the second half of its 2024 financial year.
As part of the cost cutting program, chief executive David Vander will resign and leave LiveTiles at the end of his six month notice period, the company said in an announcement to the ASX [pdf].
Other cost reduction moves include moving out of non-core office spaces, and lowering IT and marketing costs as well as professional fees, LiveTiles said.
A global restructure will also take place, along with a "continued transition of certail roles to lower cost locations."
Vander pointed to a challenging economic climate as the reason for LiveTiles slashing costs.
"In this turbulent macroeconomic environment, we're experiencing softer sales volumes and lengthened deal cycles which is impacting our revenues," Vander said.
"Overall, this program will enable us to save $16.2 million in annualised costs and $8.4 million in FY24," Vander said.
"We have recognised these conditions and decided to accelerate efforts to achieve positive cashflow in the second half of this financial year."
"These changes will provide LiveTiles with additional operational leverage in FY24, positioning the company for improved financial performance in the future," he said.
Vander was hired by the Microsoft ISV partner last year, to replace LiveTiles founder Karl Redenbach.
Prior to Vander's appointment, LiveTiles mulled delisting from the ASX due to its underperforming share price.
LiveTiles also failed to be acquired by ASX-listed Bigtincan last year, after the Aussie ISV withdrew its bid.
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