Search Provider FAST Lays Off 148 Employees

Authored by Mark Hefflinger on August 17, 2007 - 11:47am.

Oslo, Norway - FAST, a Norway-based provider of search technologies, announced this week that it will lay off 148 employees, as part of a restructuring the company says will reduce operating expenses by $12 million per quarter.

The company said it will take a charge of $55 million related to the restructuring.

After the layoffs, the company will be left with 730 staff worldwide.

FAST provides its search technologies to the media and entertainment, communications, financial services and government markets. Customers of its services include Factiva, LexisNexis, HP and Oracle.