Altrincham-based telematics company NavTrak has been forced to make redundancies due to the economic downturn caused by the 11 September attacks.
NavTrak managing director Giles Harridge said NavTrak's parent company Itis Holdings had made 41 redundancies.
The redundancies are in the field sales, business development and engineering areas.
Harridge said the redundancies were part of a cost-cutting exercise designed to "streamline" the company's operations.
"We're waiting for a large order from a vehicle manufacturer and had almost finalised a deal with a vehicle rental company. But the World Trade Centre delayed a lot of projects," he said
He said Itis had almost £20m in the bank, which the redundancies would help safeguard.
Itis floated on the AIM Market in October 2000.
