Investment Scorecard tells of layoffs

Nashville firm trims sails in product development

Email | Print By Milt Capps

Nashville-based Investment Scorecard Inc. confirmed for NashvillePost.com yesterday afternoon that it has dismissed approximately 20 home-office employees as part of a reduction in force.

"We reduced some staff, primarily our technology group, last week," said Shawn Carder, chief financial officer. The move, he said, is intended to "get back to size that made sense for us, right now."

Carder acknowledged that while there may be portions of the "product vision" that might be put briefly on hold as a result of downsizing, product enhancements will continue.

Carder explained that the development group that develops enhancements for online analytics and reporting products had grown substantially over the last two years. "A lot of the work has been completed," he said, "so we just needed to reduce the staff to a level that will allow us to accomplish what we need to accomplish." Carder said that after the layoffs, the development group remains at more than 35 persons.

Carder indicated that while there is no formal outplacement effort underway for the workers laid off, the company is in touch with recruiters and others with whom Investment Scorecard has relationships, in the interest of supporting the workers, all of whom, he said, were in good standing at the time of their dismissals.

Members of the Investment Scorecard board of directors include: Joseph E. Maxwell, chairman and CEO; Charles E. Blankenship Jr., president and chief operating officer; E. Townes Duncan, president of Solidus Co.; Fred C. Goad Jr., co-founder of Voyent Partners LLC; George H. Horgen, senior managing partner, Southeastern Technology Fund; and, Jeffrey E. Powell, co-founder of Harpeth Partners.

Privately held Investment Scorecard, founded in 1995, has revenue of over $15 million annually, according to Carder. The company says it serves more than 675 institutions in the wealth-management industry and certain insurance or trust-management sectors, providing online tools for use in evaluating performance of investment, wealth and business, as well as technologies for wealth analytics and reporting.

Note: Solidus Co., majority owner of NashvillePost.com. has an investment stake in Investment Scorecard.