The DomainNameNews.com has confirmed that Oversee.net has cut 10% of its work force on Friday as a money savings measure in a downturned economy.
Oversee.net acquired Snapnames.com and shortly thereafter lost Network Solutions as a drop partner.
Certainly the amount paid for snapnames.com included all the then previous revenue that Snap had from auctions involving Network Solution’s expired domains.
Losing the NSI contract almost immediately after acquisition, left Oversee.net, we can only suspect, widely overpaying for Snap.
The more recent acquisition of Moniker.com, was also based on it being the exclusive auction house at the TRAFFIC shows which is no longer the case, both of which may have played into the reduction of employees.
You are spot on – buying other Company’s out does affect the revenue so 10 % of the Work force will suffer.
The people which will lose their jobs should start their own businesses since they know the inside out in that business.
Good Luck to them
Is there a press release out there somewhere?
Seems like speculation to assume that the cuts are based on snap losing nsi or moniker not being the exclusive auction house.
What about domainsponsor revenue? Is that down? Is that the reason for the cuts?
Why 10% across the Board?
Why did they report anything? They are not a public company and are not obligated to share their business with anyone other than their investors.
Are they trying to put this news out as a positive?
I don’t see why they would announce a 10% cut and I don’t see why they would announce anything anyway.
Anyone have any info straight from oversee?
Are they cuts or resignations?
Just a couple questions.
The news was likely a result of people who lost their jobs talking and a reporter or several confirming. They didn’t announce it so much as confirm it. The company didn’t link it to specific problems but I think Mike is trying to point out that those issues could easily be what contributed to the pinkslipping.
Rob
Yes domainsponsor revenue is down, like the public companies that have reported.
Not only is their revenue down for traffic from customers but their own portfolio which is quite significant must be down as well.
All of these factors probably led to a cut. If you less revenue you have to cut costs.
Whether it was across the board, or impacted certain areas more is just anyone’s guess.
Certainly these were cuts not resignations