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Print Edition StoriesWednesday, June 10, 2009
Dataupia cuts staff levels
By Mass High Tech staff
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Dataupia Inc., a Cambridge-based data management technology company, has cut staff levels significantly.
Dataupia investor Rick Grinnell said the layoffs happened in the last couple of weeks, with company staff being reduced from about 60 workers to 23 staff employees.
The layoffs come less than three months after founding CEO Foster Hinshaw -- a 2008 Mass High Tech All-Star winner -- stepped down from that role, to be replaced by former Cognos Inc. senior vice president of world operations Tony Sirianni. Hinshaw retained a board seat and a full-time role with the company, Grinnell said.
The burn rate had to be reduced to attract new investors, increase the possibility of a good merger and acquisition and extend the company's runway, Grinnell said. "You're willing to sacrifice a little bit of near-term potential success in exchange for long-term viability."
In a previous interview Grinnell said Sirianni was the kind of leader the company needed to grow quickly. “We’ve got a few large customers that are in the seven-figure category. In order to scale to have a lot more than that we need a guy who’s proven he can scale sales, both direct and indirect,” Grinnell said then.
Founded in 2006, Dataupia has pulled in a total of $41 million from its investors. Series A backers included Waltham-based Polaris Venture Partners and Virginia-based Valhalla Partners. Fairhaven joined in the company’s $16 million Series B round in November, 2007.
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