Technology

Deem To Shed Product Lines, Lay Off Employees

Posted on April 21, 2016

Outgoing Deem CEO Patrick Grady (LCT file photo)
Outgoing Deem CEO Patrick Grady (LCT file photo)
SAN FRANCISCO, Calif. -- The new COO of e-commerce provider Deem plans to slim down the company’s product efforts from about 10 to three, keeping travel, expense, and car service (in both flavors, corporate and operator), according to a report in Tnooz.com.

“We got into a little trouble in execution, with so many irons in the fire that the company was spread too thin, frankly,” COO John Rizzo said.

The streamlining means the 250-employee company will have to undergo some layoffs, he said.

The developments follow recent announcements of $34 million in new stopgap funding and the departure of its CEO and founder, Patrick Grady.

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