Decreased comfort level

[stpioc]

Here is something else that is somewhat vexing. iPass was a declining, loss-making business before the acquisition (not necessarily a problem in itself). However:

• Cost synergies of $15M (per iPass acquisition presentation) would take a good chunk out of their personnel as most of this is through more or less immediate redundancies.
  
• Another good chunk, those 75 engineers are going to help converting the Pareteum backlog.
  
• iPass business is going to be revised under Pareteum now that customers are less scared of bankruptcy. Indeed, they signed up a couple of deals already, like Citrix.
  
• More business, much less people, unless iPass had many employees doing basically nothing (which would be very odd for a company in financial difficulties).