Onyx Software Corp., a developer of customer relationship management applications, is restructuring.
The reorganization, which Onyx believes will reduce fourth quarter expenses to under $19 million, includes a 25 percent reduction in employees to about 460 workers and a new incentive compensation plan tied to company profitability. For the third quarter, Onyx expects revenues of approximately $20 million and an operating loss of $7 million to $8 million.
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