Online marketplace builder FreeMarkets on Thursday said it shut down its Austin, Texas, offices, and may lay off as many as 30 employees. The move is part of the company's efforts to integrate the technology and staff of Imark, which it acquired last year for roughly $325 million.
Imark originally developed and ran a marketplace targeting the asset recovery business market and had offices in Austin, Texas. A FreeMarkets representative said nearly half of the 64 employees at the office have been given the option of relocating to FreeMarkets' Pittsburgh headquarters. The company gave 30 employees two weeks to respond to the offer. If they do not want to move, they will be let go, the representative said. The company said it is keeping its offices in Houston.