Patsystems to Take Hit
VENDOR UPDATE
LONDON--As part of its ongoing recovery, U.K.-based derivatives trading software vendor Patsystems will take a £500,000 hit for its end-of-year results and is likely to trim staff further in spite of encouraging figures for the third quarter and ongoing cost-cutting measures, says CEO Kevin Ashby.
To cut costs, the vendor has outsourced development work to developers in Bombay and shrunk the work force by 26 percent in the last year to less than 100--a process that the newly appointed Ashby says
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