IT Giant May Move Staff From France To Armenia

By Emil Danielyan

French media reported on Tuesday that the company {Lycos Europe} intends to lay off 75 employees of its 109-strong Paris division and has offered 34 of them employment in its expanding subsidiary in Armenia. Some of the other employees were offered to move to the Lycos Europe headquarters in Gueterslow, Germany, the reports said.
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Lycos Armenia {started three years ago and} has since undergone rapid expansion and currently employs about 170 workers, virtually all of them software specialists. “Due to growing demand we are currently hiring new staff and plan to employ 220 employees in the course of this year,” {says} on its web site [...].
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Information technology is seen as one of the most promising sectors of the Armenian economy. Foreign and mostly U.S. IT companies, attracted by the country’s relatively cheap and skilled labor, have been the main driving force behind the industry’s rapid growth over the past decade. At least a dozen of them now have branches in Armenia.

Note: Above are excerpts from the article. The full article appears Here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.