, which develops Web-based information systems, recently laid off 15% of its workforce, TheMarker.com has learned. The company has 70 workers.
Gilian CEO Rafael Feitelberg confirmed the figure. He explained that he company has to adjust to prevailing market conditions, adding that Gilian is taking the long-term approach. Although Gilian recently raised more capital it has to be careful, as it won't be able to raise more any time soon, he said.
Gilian is not the only one getting ready for the hard times.
(NYSE:DOX) recently announced cutbacks and dismissals.
(Nasdaq:CMVT) has banned emmployees from flying business class, and
has sent a third of its workers home. Cyota declared that the move was made from a position of strength, not of weakness.
Two months ago Gilian secured $14 million in secondary financing at a post-money company valuation of $60 million. The company had originally wanted to raise $20 million. Its round was led by
, which placed $5 million. Other investors included the Israel venture capital fund Ascend Technology Ventures, which placed $2 million, and Gilian's existing shareholders, such as
, and Chase Capital Partners.
Gilian's flagship Exist Control G-Server product prevents hacking of websites, and Web-based databases and intranets. For the fourth quarter Gilian reported first sales of several hundreds of thousands of dollars. It expects sales figures to climb to the millions in 2001.
The company was founded in 1998 by Feitelberg, CTP Shaul Levi, and COO Assaf Topaz. The company has headquarters in Silicon Valley, R&D labs in Herzliya Pituach, Israel, and marketing and sales offices in Burlington, Massachusetts, and Irvine, California.