The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Finland, India, the Middle East, the United States
Sector
Information / Communication Computer Programming, Consultancy And Related Activities Computer Programming, Consultancy And Related Activities 62 - Computer Programming, Consultancy And Related Activities
116 jobs Number of planned job losses
Announcement Date
6 May 2024
Employment effect (start)
6 May 2024
Foreseen end date
Description
Finnish provider of digital business support systems Tecnotree has announced that it will cut 116 jobs worldwide.
The layoffs will affect the company’s personnel in Finland, India, the Middle East and the United States. As part of the restructuring programme, the company has decided to discontinue its TrustStar technology platform operating in the American mortgage market. According to Tecnotree, the programme will result in savings of approximately €4.5 million in 2024 and €7 million in 2025.
Founded in 1978, Tecnotree offers software to telecommunication service providers and operates in the Business Support System (BSS) sector.
Eurofound (2024), Tecnotree, Internal restructuring in World, factsheet number 201227, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201227.
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