Exent Technologies

last month dismissed 12 of its employees, or a total of 10% of its workforce, TheMarker.com has learned.

In explanation, a company spokesman said the firm is making an effort to adjust to current market conditions. He added that Exent won't be recruiting new workers in the near future, but pointed out that there hasn't been a reduction in employee benefits.

Exent develops applications on demand for telecommunication and Internet service companies, which transfer software on access service provider and Internet service provider networks. The company has sales agreements with the Swedish company

Telia

, and the Singaporean company

Singapore Telecommunications

(SES:TELE.SI).

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Exent raised $23.5 million at a company valuation of $100 million in June 2000. Investors include

AOL-Time Warner

(NYSE:AOL), Singapore Telecommunciation (SingTel), venture capital fund

New Enterprise Associates

,

General Electric

(NYSE:GE), and Comcast Interactive Capital.

The company has a worldwide staff of 90, 60 of whom work in Israel, mostly in the firm's research and development department. The rest of the workforce is located in the United States, Europe, and Hong Kong. Exent has offices in Bethesda, Maryland, and Silicon Valley, California, Hong Kong, China, and Tel Aviv, Israel.