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CalAmp Announces Restructuring Plan to Accelerate Conversion to a Software and Subscription Services (S&SS) Business ModelIRVINE, Calif., Jan. 27, 2023 (GLOBE NEWSWIRE) -- CalAmp (Nasdaq: CAMP), a connected intelligence company that helps people and organizations improve operational performance, today announced that it initiated a restructuring plan to reduce approximately eight percent of its employees across various functions. The Company implemented these actions to realign its operations to be more consistent with its S&SS business model. “We value our employees highly and considered this initiative carefully, but we believe it was necessary to help accelerate our business model conversion, address our legacy cost structure and drive higher profitability as a Software and Subscription Services business,” said Jeff Gardner, CalAmp’s president and CEO. “These actions do not impact our sales initiatives and will help support our transition while also securing new customers around the world. I would like to extend my sincere appreciation to those employees affected by this difficult decision.” About CalAmp CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus Guardian, iOn Vision, CrashBoxx and associated logos are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries and/or the EU. Spireon acquired the LoJack® U.S. Stolen Vehicle Recovery (SVR) business from CalAmp and holds an exclusive license to the LoJack mark in the United States and Canada. Any other trademarks or trade names mentioned are the property of their respective owners.
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