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FileNet moves Watermark to California

In a dramatic move to stem the flow of red ink, FileNet (Costa Mesa, CA, will move its Watermark division from Burlington, MA, to its Costa Mesa headquarters. It was just 18 months ago that FileNet purchased Watermark from David Skok for $61 million.

In light of poor quarterly profit results, FileNet has announced staff reductions through "headcount reduction, attrition, and reduced hiring." It will eliminate some duplication between its development teams as a result of the consolidation.

The company expects that only a small number of Burlington employees will relocate to California. FileNet assures that the $9 million quarterly loss will not mean any changes for the Saros unit (Bellevue, WA).

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