Student Advantage, Inc., Boston, will eliminate 15% of its 465 employees, primarily within its Student Business Unit. The layoffs, which will be completed during the next 90 days, will result in a $5 million cost savings.
The downsizing comes on the heels of several acquisitions, including direct-marketing firms OCM Direct, Inc., and CarePackages.com, which the company acquired Oct. 1. Most of the positions eliminated will come in the company’s graphic design and production and technology related jobs.
Three months ago, Student Advantage acquired Bethesda, MD-based OCM, a university-endorsed direct marketing firm which employed 115 individuals.
Student Advantage’s Corporate and University Services businesses, FANSonly, SA Marketing Group, SA Cash and Voice FX, will not be directly affected by the layoffs.
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