Creative Planet on Wednesday laid off 26 people, leaving 80 employees at the software company that once had more than 300 in its ranks.
“We’re trying to reach cash profitability and we had to do layoffs to reach the break-even point,” CEO Allen DeBevoise told Daily Variety.“In this environment it’s very important to become profitable.”
This round of layoffs follows a pinkslipping of 75 employees in March and 70 last December.
DeBevoise said the job cuts were across the board and did not specifically impact a particular section of the company, which produces Movie Magic budgeting and scheduling software as well as the Studio System database.
In December, Creative Planet received $30 million in funding from the U.K.’s United News & Media. Sources say another deal with the $6 billion conglom is imminent.