Allfinanz, the Dublin-based specialist in e-business software for the financial services industry, is to reduce its staff by a third to conserve cash raised last year and to move to profitability by the end of this year.
Allfinanz said yesterday that 27 people in Ireland and eight in the US would lose their jobs.
A company spokesman said the company was forced to take this step because of the slowdown in the US economy and delays in decisions on technology spending.
The main areas affected by the cutbacks are sales and marketing, administration and project development.
"We very much regret having to let good people go, but our investors and the long-term strength of the company require management to act prudently in the current international technology market," said Mr Jim Maher, the executive chairman.
"We continue to see considerable potential for our new product suite and revenue model, but like others, we have found that the purchasing cycle has slowed considerably in the US, our major market, amongst financial institutions."
The announcement comes just a day after Citigroup, the US financial services group, which employs 1,250 people in its Dublin operation, reported that it was cutting 3,500 jobs worldwide.
Citigroup is as yet unable to say what the impact on its Irish workforce will be.
So far, 25,000 jobs have been lost among the top global players in response to economic activity following a fall in stock market values mainly in technology and telecommunications companies. In the current uncertain climate, companies are reluctant to commit to spending on computers and software.
Allfinanz is an e-business and e-commerce software provider whose main markets are overseas. Its focus is using web technology for the complete electronic fulfilment of financial services.
Its flagship products are xpertMatch and xpertBridge.
The former provides seamless electronic marketplaces called Virtual Distribution Communities for consumers to buy binding life insurance and financial services on the internet. XpertBridge allows carriers and distributors of financial services products to harmonise their distributions across multiple channels.
The company was established in 1997.
In 1998 it claimed a world first when it developed software which allowed life and pensions products to be sold over an internet channel as a result of its development of an automatic underwriting engine.
Allfinanz has employed over 90 staff from the international software and financial services industries in its offices in Ireland, Britain and the US.
Last year the company raised €9 million from a European consortium led by P3 Technology Partners in the Netherlands.
Allfinanz has offices at Leopardstown Office Park in Dublin.
