"We have to tighten our belt. This will put us back into profitability," said Oz president and CEO Omur Sezerman.
He said some of the layoffs, which were mainly in manufacturing, may only be temporary if the economy turns around. He said the telecom sector has been hurt particularly badly, which means Oz customers haven't been able to give the company an accurate forecast of how much Oz product they will likely buy over the next 12 months.
The layoffs bring Oz's Carp staff down to a total of about 300 people. But Sezerman said the company is actually still hiring for management and R& D positions.
In October Sezerman was named entrepreneur of the year in Ontario by professional services firm Ernst & Young.
Sezerman was applauded for Oz's achievements over the past year, including opening sales offices in New Hampshire, New Jersey, California, France and the Netherlands. Oz also has a manufacturing facility in Turkey. The company also tripled its research-and-development operations in Ottawa.
