Information Mosaic, the Dublin-based financial software company, is to let go 22 staff because of what it calls "the changed and uncertain international business outlook".
In a statement the company said it had decided "to refocus its core business activity concentrating on developing innovative technology-based products and services for mainstream financial institutions in Ireland and throughout Europe".
The company which was founded in 1997 will now employ 40 people.
Information Mosaic’s chief executive Mr John Byrne said: "It is deeply regretful that we are required to make a number of our staff redundant today."
Mr Byrne said: "The unfortunate reality is that the business environment has changed and as a management team we are compelled to respond to market conditions no matter how unpalatable that is."
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