Thursday, August 28, 2008

Bungee Labs Cuts Staff

Orem, Utah-based Bungee Labs, a venture-backed developer of software-as-a-service development tools, has cut 15 employees, the firm's CEO, Martin Plaehn, said late Wednesday. According to Plaehn, the firm released 15 regular employees and contractors working for the firm, saying that the firm's Bungee Connect product will require longer time to become broadly accepted. Plaehn said that the move will give it more time to establish the product in the marketplace. Bungee develops a cloud-based tool for companies to develop software-as-a-service offerings, which makes it easier for developers to develop web-based software. Bungee is venture backed by EPIC Venture Fund, North Bridge Venture Partners, and Venrock Associates.