The Tralee-based company went into receivership on Friday and workers were laid off yesterday. The company employs 130 globally and all will lose their jobs, it is understood.
Receiver Jim Luby, of McStay Luby chartered accountants, said the company did not have funds to continue trading and he hoped to find a buyer who may save some of the jobs.
“We need to find a buyer very quickly, given the industry it’s in,’’ he added.
He is trying to find a buyer for all, or multiple buyers for individual parts of the company, a process that could take weeks.
Altobridge was set up in 2002 by Mike Fitzgerald, Guy Waugh and Bart Keane and was one of the successes stories of the Kerry Technology Park, Tralee, after it received a significant state investment as a start-up. It has offices in Tralee, Malaysia, Indonesia, North America and China. The company is chaired by former tánaiste Dick Spring.
Altobridge had been hailed for its technology breakthroughs and for helping provide a mobile phone service to people in remote communities around the world. As many major mobile phone operators had not been connecting millions of people to a signal for cost reasons, Altobridge came up with ways of providing solar-powered base stations at a fraction of the cost of stations designed for urban environments.
Altobridge was initially founded to develop a cost-effective way for passengers to use their mobile phones on commercial aircraft.
Kerry Fine Gael TD Brendan Griffin called on Enterprise Ireland and the IDA to take action to find alternative employment for Altobridge workers.