Skip to content

Vancouver's Absolute Software cutting 5% of its workforce

Restructuring plan also includes office space reductions.
Vancouver-based Absolute Software will be reducing its office space as part of restructuring

Absolute Software Corp. is cutting about 40 jobs as part of a restructuring plan to reduce its operating expenses. 

The security software company says the job cuts represent about five per cent of its workforce.

The restructuring plan also includes office space reductions.

Absolute expects to take about US$1.8 million to US$2.8 million in one-time charges in connection with the changes.

The costs include severance payments, notice pay, employee benefits contributions and related costs and impairment charges.

The company says it expects that the majority of the charges will be incurred in the fourth quarter of fiscal 2023.

This report by The Canadian Press was first published April 6, 2023.

Companies in this story: (TSX:ABST)

The Canadian Press