SeaChange International, the video software and services specialist, announced Monday that it will reduce its global employee base by 10% as part of an effort to streamline operations that will result in annualized cost savings of about $11 million when the process is completed.

SeaChange said it implemented the workforce reduction in the U.S. and, in order to comply with non-U.S. legal requirements, will implement the moves on an international basis “over the next several fiscal quarters.”

SeaChange did not disclose the number of employees that would be affected. It finished its last fiscal year, ended Jan. 31, 2014, with 723 employees worldwide, including 382 in the U.S.

SeaChange said it also expects those actions to result in restructuring and severance charges of about $1.3 million in its fourth quarter for fiscal 2015. SeaChange is scheduled to report its fourth quarter and full fiscal 2015 results in early April. 

SeaChange, which has become a software-focused company in recent years, is making these moves after building two next-gen products – Adrenalin, its multiscreen video backoffice platform, and Nucleus, a software platform for set-tops and gateways that includes optional support for the Reference Design Kit (RDK), the project being managed by Comcast, Time  Warner Cable and Liberty Global.

Those products are now deployed and in a “mature state,” said SeaChange CEO Jay Samit, who was appointed to the post in October 2014, succeeding Raghu Rau.

Samit said the streamlining was necessary in order to keep SeaChange growing, expand its toolsets and to ensure it’s in a position to innovate.

“Our industry is in a major shift,” he said, referring to a new wave of OTT products from new players and traditional MVPDs, and amid a trend that is seeing more and more programmers develop direct-to-consumer products. “All of these people need our technology.”

Of recent note, SeaChange acquired Timeline Labs last December, adding a California-based firm that helps broadcasters, cable channels and other media companies keep tabs on social trends and track audience engagement.

On the product side, the Acton, Mass.-based vendor has rolled out Rave, a platform targeted to “premium” over-the-top video that relies on Adrenalin. SeaChange also announced that Nucleus will be used by Layer3 TV, an emerging “virtual” MVPD based in Denver that’s expected to launch a product later this year.

SeaChange International said its board has unanimously appointed Jay Samit as CEO, succeeding Raghu Rau, who was named CEO in April of 2012 following five months as the video technology company’s interim leader.

Samit (pictured), a self-described serial entrepreneur who spent the last year teaching students how to build high-tech startups, most recently served as president of ooVoo, a social video chat service, and was CEO of SocialVibe, a digital advertising technology company. He is also an exec late of Sony and EMI, where he spearheaded digital media efforts, and built a million-member social network for college students while at Universal Studios.

Samit takes the helm following SeaChange’s transition into a software-focused company that divested non-core assets along the way. During Rau’s tenure as CEO, Seachange sold U.K.-based video acquisition and aggregation service On Demand Group to Avail-TVN (now Vubiquity), and sold its broadcast server and storage business to a private investment group.

SeaChange has been pushing ahead with a portfolio centered on Adrenalin, its multiscreen video backoffice platform, and Nucleus, a software platform for set-tops and gateways. SeaChange has also developed a stack for the Reference Design Kit (RDK), the pre-integrated software platform that is current managed by Comcast, Time Warner Cable and Liberty Global.

Although SeaChange has been the subject of M&A rumors in recent years, with TiVo and Rovi among the companies said to have taken a look at SeaChange, Rau has talked about the exploration of “tuck-in” acquisitions.

Samit said his plan is to grow SeaChange, believing that the company has the goods to take advantage of a global multiplatform video market that is exploding.

“The market opportunity has caught up with the vision,” he said. “Now it’s about executing and remaining a global leader.”

“After a thorough and deliberate succession process, the Board of Directors is delighted that Jay will lead SeaChange as we build on our market leadership in multi-screen video and create shareholder value,” said Thomas Olson, chairman of SeaChange’s board, in a statement. “With more than thirty years of experience in digital video, Jay has a thorough understanding of the expanding landscape of video and has successfully deployed new technologies with leading media and telecommunication companies around the globe. Jay understands the needs of our current customers and his experience in digital video will enhance our ability to deliver for them in the future.”

Olson also extended his appreciation to Rau for “providing very effective leadership at a critical time in the company’s history…Raghu was the right person to lead SeaChange at a pivotal time and he deserves our thanks for his many accomplishments.”

Last month, SeaChange posted a non-GAAP fiscal second quarter loss of $2.8 million (8 cents per share) on revenues of 29.8 million. It ended the quarter with cash, cash equivalents and marketable securities of $110.9 million and no debt outstanding.