BIMobject AB Initiates Cost Reduction Program; Announces Board Changes
April 09, 2020 at 06:26 am EDT
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BIMobject AB announced that In light of the uncertain market situation, the company has decided to implement a comprehensive cost reduction program, which will lower operating expenses by SEK 50 million on an annualized basis, compared to 2019. The company expects that a majority of the savings will be possible to capture already in fiscal year 2020. The cost savings stem from: Reducing administrative staff (IT, legal and other administrative) at company headquarters. Terminating all remaining software development consultants, with the plan to over time replace them with new, permanent hires. Streamlining regional operations, by reducing administrative staff and trimming the sales & marketing teams. Reducing other spend, e.g., rent, travel, trade shows, IT and software.
As part of the cost reduction program in North America, Stefan Larsson will step down from his role as CSO and interim President, North America, and leave all operational duties at the company. Stefan Larsson will remain on the Board of Directors. Other changes to company management: The company also announces the following change, unrelated to the cost reduction program: VP of Product Research, Johan Dyrssen, will leave the executive management team, but retain his role and duties.
Bimobject AB is a Sweden-based company active in the field of information technology. It supports corporate customers with technology and services related to computer-aided design (CAD) and building information modeling (BIM). It assists building producers and interior manufacturers in development and management of digital replicas of their products as BIM objects, either starting from two-dimensional drawings, CAD data or scanning the physical form of buildings and products. The BIM objects allow carrying detailed physical representation of products, as well as links to product information, websites, contact details and assembly instructions. The Company offers a cloud-based database for BIM objects, BIMobject software applications for formats such as Autodesk Revit and Atlantis (BIM Render), services such as modeling, programming, scripting and conversion, market analysis and online seminars. It operates subsidiaries in Italy, the United States and Poland.
BIMOBJECT AB 