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Airslide Systems

has only 40 employees left after dismissing about half its workers in recent days, TheMarker has learned.

The company, which develops web-based mobile signaling technology, confirmed the news. Technology officer Oren Shmulevich said the company failed to meet its sales targets because of the global slowdown, and had to implement drastic cutbacks.

"The cutbacks should give us plenty of breathing space, until achieving commercial success," he commented.

Airslide has enough money in hand, Shmulevich added.

Two months ago Airslide announced 20 job cuts, most of whom were from its development center in Israel. The dismissals followed the end of a development stage, the company said.

For now Airslide, headquartered in Northbrook, Illinois, with offices in Israel and Italy, will focus on sales and marketing, Shmulevich said.

In August 2000 Airslide raised $35 million in second-round financing at a post-money company value of $180 million. Its investors included Intel and Cisco. The company was established in March 1999.