08|18|2008 02:12 pm EDT
Oversee.net has confirmed that the company has let go of 10% of its staff as of Friday. The company blames the downturn in the economy. A spokesperson told SocalTech “the cuts were in response to the general economic weakness and pressures in the industry.” According to the report cuts were made across all divisions including SnapNames, DomainSponsor and Moniker.
Oversee.net is a privately held company that owns and operates major domain name services DomainSponsor.com, SnapNames.com and Moniker.com. Oversee bought SnapNames in May of 2007 and acquired Moniker in January of 2008. The company received an investment of $150 million from Oak Hill Partners at the beginning of 2008.
The news of Oversee executives being canned* (correction explained) staff being canned comes in the wake of other recent disappointing news this month from domain companies. Dark Blue Sea and Tucows both reported less than stellar earnings. DBS pay-per-click revenues were down nearly 50% and Tucows earnings were lower but President Elliot Noss believes that parking revenue may have bottomed out as the company is seeing increases in their domain portfolio pay-per-click earnings.