Zamano, a quoted SMS marketing and mobile payments group, is making seven of its 18 staff redundant and has dropped merger and acquisition discussions to preserve cash.
Two Zamano directors, former chief executive Pat Landy and tech entrepreneur Ed Murphy, have quit the board of the company as part of the strategy overhaul. Zamano said there had been a “significant reduction” in its business in the UK after the introduction of a new payments system, Payforit, by mobile operators there.
The company said it aimed to cut its costs by €330,000 a year through the changes. It will also save €48,000 a year on directors’ fees and expenses following the departures of Landy and Murphy.
Zamano had said in September it was actively evaluating potential…
Article source: http://www.thetimes.co.uk/edition/ireland/job-cuts-at-payment-firm-zamano-fk9ws03hk
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