A business transformation update was rushed out today by Alterian, the Bristol-based marketing software company which rejected on Monday an indicative £50m takover offer from SDL.
The company has also brought forward by a fortnight the announcement of its interim results. These will now be released on November 16.
Heath Davies, who was appointed chief executive as part of a major boardroom clearout, said in today's update: "Since joining as CEO on September 5, I have worked with the board to accelerate our review programme and time boxed it within a 100-day transformation plan. The business review is now completed and the transformation programme is well advanced – due for completion on December 13.
"We have restructured the company along product and geographic lines and are in the process of reducing the cost base by £10.6m. We are now finalising our growth strategy, which will be published with our half years results in November."
New Alterian chairman, Phil Cartmell added: "I am extremely pleased by how quickly the team has grasped the situation and is executing the transformation plan – all in-line with a very ambitious timetable. We are on course to present our growth strategy shortly."
Maidenhead-based SDL has a month to formalise last week's indicative offer. It is one of the world’s top three providers of language services delivering translation, localisation, internationalisation, interpretation, content and software development and global information management services to a string of blue chip international companies.
The shares were trading at 83p at lunchtime, up 3p or 3.75% – their highest point since mid-August.
