ICW Bulgaria closing doors

My work contract with InterComponentWare AG has been cancelled as of April 1st 2010. The company has closed its office in Bulgaria and fired more than 60 people. First half in December 2009, the rest at the end of March 2010.

I've worked for ICW for two and a half years, with majority of tasks being on software build management. While I've enjoyed my job, the management in the company has been awful.

Several facts:

• The main investor in ICW is Dietmar Hopp - a SAP AG founder
• ICW used to have about 700 employees worldwide
• The company business model was quite strange - someone was paying money to a large group of individuals doing different tasks with no particular purpose.
• The annual expenses were about 10 times higher than the revenues
• It appeared that no one from the upper management cared to look what was really going on
• Probably one of the companies with the longest start-up period - more than 10 years
• The Bulgarian outsourcing office existed for about 10 years

Other than that:

• Bizarre management decisions were taken all the time
• People were put on positions they were totally inappropriate for
• The information travelled between the departments in a "broken phone" manner and I guess the line was noisiest in the management area where everybody was telling his own fictional story of what was "really" going on

The perspectives for the company does not look good at all to me. Even worse - I see no hope for it. I expect the leftover parts of the boat (headquarters in Walldorf, DE) to be declared "missing" in about two years. That of course if the investors care to take a look at where their money are going.

On the bright side:

• Most of my co-workers have already found a good replacement job. The demand for IT specialists in BG looks quite high
• I guess I have too great enthusiasm to do the stuff in the right way as the above mentioned facts did not succeed to kill it till the end
• This end only came to show us that better opportunities exist