Allot Implemented A Cost Reduction Plan, Expects To Reduce Yearly Expenses By Approximately $15M

Author: Benzinga Newsdesk | August 31, 2023 05:11am

Erez Antebi, President & CEO of Allot, commented, "We believe that our strategy of transforming our business towards a recurring SECaaS revenue model will drive sustainable profitable growth and long-term shareholder value. However, the conversion of won SECaaS deals to paying subscribers continues to take longer than expected, and SMART is experiencing lower revenues in light of continued challenging economic conditions. We are committed to our target of reaching profitability in 2024 through the growth of the SECaaS business, combined with tight expense control. As we strive toward our goal of driving profitable growth, we are implementing a cost reduction plan which we expect will reduce our yearly expenses by approximately $15 million. "

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