Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
UK healthcare software company, System C has announced plans to cut its workforce by 150 jobs. The job losses represent one quarter of the workforce, which will be reduced to 450 employees after the downsizing. Private equity firm, Symphony Technology Group recently purchased the clinical software assets from the McKesson Corporation. Shortly after the acquisition in June 2014, the private equity firm re-named the UK business to System C and replaced most of the former senior executive team at McKesson.
The new senior management brought into System C is reported to have communicated the changes to industry clients, stating that there was a need to streamline the business and create a more direct relationship with clients. As of 13 August, there is no information about where the impacted workers are located in the UK (see previous factsheetabout business expansion of company under former name, McKesson reported in 2008).
Eurofound (2014), System C, Merger/Acquisition in United Kingdom, factsheet number 77423, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77423.