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NowDocs Cuts Staff by 20%, To Focus on Global 2000 Prospects

Friday, February 16, 2001

Press release from the issuing company

2/16/01 - (WhatTheyThink) - NowDocs has laid off 35 employees, about 20% of the company’s entire staff. The lay offs occurred at the end of January and included 10 employees at their headquarters in Aliso Viejo, California. The company shut down it’s Boston, Dallas and Toronto offices but still maintains 10 offices and about 150 employees. NowDocs provides same-day on-demand printing and delivery service. The privately held company targets corporations, small businesses and frequent travelers. The company’s primary offering is it’s 2 - hour same-day service. NowDocs landed $31 million in funding from Goldman Sachs and Staples in late July. The company announced a nationwide ad campaign to market it's services in October and planned to spend about $2 million. The budget was cut by about 60% shortly after the announcement. According to those familiar with the corporate changes, the investor group became impatient with the speed of growth at NowDocs. With attitudes changing in the market place and emphasis on profitability, the company decided to lay off employees including many in the sales area of the company. NowDocs expects to continue it’s focus on the ‘distribute and print’ model with a more targeted focus on Global 2000 prospects. The company has generated significant revenue gains each quarter and their technology “continues to be unmatched in our space.”

 

 

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