McLean, Va. - Just months after raising $18 million in its third round of funding, Clearspring Technologies, the developer of a widget network designed to connect publishers and advertisers to audiences on social networking sites, has laid off an unspecified number of employees -- possibly up to 20%, according to a report in TechCrunch.

"In the fourth quarter of 2008, we reduced our workforce to focus on key growth markets and concentrate development efforts around core products and services," CEO Hooman Radfar wrote on the company's blog.

"We are confident that this move positions us with ample runway to grow our business in 2009."

The most significant departure, according to TechCrunch, is Jay Rappaport, the company's president and COO since April 2007.

Rappaport previously served as the president of Vonage and COO of AOL's Internet service.

Related Links:
http://snipurl.com/9jny3 (TechCrunch)

http://www.clearspring.com/blog