WASHINGTON (dpa-AFX) - EnerNOC Inc. (ENOC), a provider of energy intelligence software or EIS and demand response solutions, said it is restructuring its subscription-based EIS business to refine its focus to select industry segments and high potential customers. This includes an immediate reduction of its global workforce by about 15 percent.
The company noted that the restructuring move, from broad market creation to a more targeted EIS go-to-market strategy, will materially reduce its operating expenses.
'Over the past several years, we have made important product-related acquisitions, developed industry-leading EIS technology, and shaped the emerging EIS market. As a result, we are experiencing traction within a few key industries and with dozens of progressive enterprises that are ahead of their peers on the energy management maturity curve,' said Tim Healy, EnerNOC's Chairman and CEO.
EnerNOC also reaffirmed its previously issued third-quarter and full-year financial guidance.
The company plans to provide additional details on the restructuring in conjunction with its upcoming third quarter earnings release in early November.
Copyright RTT News/dpa-AFX