Billing and encryption software developer Trintech said Baltimore's demise was a wake-up call for the sector.

"What can be great one year can be a nightmare the next," chairman Mr Cyril McGuire said. "Our management team has been around for 14 years and we have come through good and bad times and I have made people redundant before."

He said Trintech was on a serious cost-cutting drive and trimmed 30 jobs out of its global 600 employees recently and there were more on the way.

"The lion's share of the job cuts came from our four recent acquisitions, Mr McGuire said. At the company's annual meeting, shareholders approved a share buy-back option of up to one third of the free float of shares in Trintech.

"We feel the current share price is below the intrinsic value of Trintech and I think it is a good use of shareholder funds to buy the shares at an appropriate price."

The company has about #100 million in funds but will use up to #27 million to bed down the new acquisitions. Mr McGuire said this amount would take them back to a cash positive position.

Due to the recent decline in the share price Trintech is considering instituting a share option exchange programme for employees.

The stock was trading at #2.50 on the Neuer stock exchange yesterday. Some employees, rewarded with share options over the years would have exercise prices as high as $15.