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Monday, Jul 22, 2024
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HIGH-TECH—Subsidiary of Titan Corp. Hands Out Layoff Notices

Cayenta, the electronic business unit of San Diego-based Titan Corp., handed out layoff notices to 40 employees last week, including eight people in San Diego.

Will Williams, Titan spokesman, said the layoffs were the result of job duplication found in three companies Titan acquired late last year, and then merged into Cayenta.

“Some of the jobs of the workers in those companies didn’t follow the business model of Cayenta,” Williams said.

The other layoffs occurred in Illinois, Utah and Canada.

Formed last year, Cayenta is an provider of a variety of services to the electronic business arena, including application services for companies doing business via the Internet. It has some 200 employees in San Diego County.

Titan filed a registration statement with the Securities and Exchange Commission last December to spin off Cayenta in an IPO that was expected to raise about $70 million.

Williams said the plan to take Cayenta public is still intact.

“They’re just waiting for the market conditions to be perfect,” he said.

Titan, a diversified high-tech company started in 1981, has a total of 7,400 employees, including 1,200 who work in San Diego.

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