The financial sector’s woes are spilling over into the software sector, prompting Pitney Bowes MapInfo to layoff 128 full-time workers worldwide.
The demographic map company announced the job cuts earlier this week. About 10 percent of the layoffs will come at MapInfo’s headquarters in the Rensselaer Polytechnic Institute Technology Park.
The layoffs, which either took effect immediately or will happen over several months, came two years after Stamford, Conn.-based Pitney Bowes acquired MapInfo for $408 million. The cuts represent 8 percent of MapInfo’s global work force of 1,600.
MapInfo is looking to lower operating expenses by about 7 percent through the job cuts and other spending reductions. Pitney Bowes employs about 450 in North Greenbush, with MapInfo workers accounting for 300 of those jobs and back office, financial and sales staff accounting for the rest.
“[We] needed to make these changes in order to strengthen the business and address the challenging economic market conditions,” said Michael Hickey, president of MapInfo and Group 1 Software.