Forty-five staff have been laid off at a software and communications company based in Co Kerry, amid concern for the future of their jobs.

Another 90 staff employed by subsidiary companies in China, Malaysia and the United States have also been let go.

Altobridge, which was established in 2002 as a cutting-edge communications company, has ceased trading.

It specialised in developing low-cost ways of providing voice and mobile broadband access in some of the most remote parts of the world.

Altobridge has its headquarters at the Kerry Technology Park in Tralee and technology developed by the company is deployed in more than 30 countries worldwide.

The company, which is chaired by former Tánaiste and Labour Party leader Dick Spring, attracted funding from the World Bank and from a private equity subsidiary of Intel, as well as from Enterprise Ireland.

Altobridge shifted focus more recently to software licencing.

Last Friday, Jim Luby of McStay Luby Chartered Accountants was appointed receiver.

Yesterday all staff at the company and its subsidiaries were let go and the company ceased trading.

With considerable technology in development and not yet at the point of commercialisation, it is understood that Altobridge simply ran out of money.

Mr Luby told RTÉ News that he is endeavouring to sell all or parts of the business.