CardBASE Technologies has announced plans to cut 17 jobs out of its total workforce of 135 to streamline its operations and to cut costs.
After a review of its operations, cost base and funding requirements, CardBASE said it had revised its business plan to accelerate the achievement of profitability next year. The company said it is delivering all its sales targets and the company will be cash positive ahead of target.
But in a statement, the company added that it was not immune to the recent shift in market sentiment. The amended business plan involves a streamlining of operations which means the company is cutting 17 out of a total of 135 employees in Dublin and Belfast. This includes a reduction of eight in the staff base at the company's recently established Belfast office.
In a statement, the leading provider of smart card solutions for secure e-commerce added that it is currently on target to complete third round funding.
