CEO Zeev Farkash: This is a preventative measure as we look ahead to an uncertain market.
Intelligent video developerioimage Ltd has fired 10 of its 65 employees. Ioimage CEO Zeev Farkash said, "This is a preventative measure as we look ahead to an uncertain market."
Farkash took up his post just a month ago. He added that the company was in reasonable shape, and that the company would meet its sales targets.
ioimage's traffic monitoring and analysis technology for video surveillance cameras targets the homeland security market. According to IVC Online, the company has just one investor, Israel Kass, who has a 50% stake in it after investing $20 million in two financing rounds. Kass is the owner of Mayer Cars and Trucks Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2009
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