Internet marketplace software company Xelector is making 18 of its 46 staff redundant and raising capital from existing investors. Sixteen jobs will be cut at the Dublin headquarters and two in the UK. Chief executive Mr Xavier Azalbert said the company was aiming for profitability within nine to 12 months. In difficult markets, he said, he needed to reduce its cost base as well as drive revenue ahead.

The company, which was spun off from its former parent Enba a year ago, offers internet comparison shopping for financial products. Its clients are mainly financial service providers and utilities. Internet users can access comparative information, select and buy a range of products from credit cards to insurance. Xelector's revenue comes from commissions on sales and operates in the UK. Last November the company made 34 staff redundant.

Mr Azalbert declined to give revenue or accumulated loss figures for the private company or to disclose the amount of capital he is currently trying to raise. But he indicated said that the current "burn rate" or costs was about #300,000 per month.

Revenue had been growing since January and the company had good customers and good prospects, he insisted.

In May 2000 the company raised #23.5 million in a second round private equity placing with eight major investors which valued Xelector at #175 million. The investors involved were Apax, Aureus, CGU, Invision AG, Morgan Stanley Dean Witter, Nextech Venture, Overseas Union Bank and Vertex. Overseas Union Bank and Nextech Venture were investing in Xelector for the first time.