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Tality, the design services spin-out from Cadence Design Systems, is to cut its 1400-strong workforce by 10% and redeploy staff within Cadence. Tality has also pulled its Nasdaq flotation, writes Chris Edwards.
The moves head a bid to reach profitability by the year-end after a 14% drop in first quarter sales.
Tality, which has UK design centres in Cambridge and Livingston, was hit hard by money problems at venture-funded start-ups in wireless and consumer electronics markets.
Bill Porter, chief financial officer of Cadence, says that Tality's numbers did not include $4m in sales to start-ups "for which payment is in question". Tality took a bad...