More than 50 jobs are expected to be cut in Dublin.
Roughly 160 jobs are potentially at risk at the Softbank-backed, Dublin-based automotive software provider Cubic3, as first reported by TheJournal.ie today (28 August).
According to the publication, around 70 jobs are set to go globally, with 52 of them based in Dublin. Meanwhile, the Business Post reported that 53 jobs in Dublin are expected to be cut. The company employs around 450 across 19 countries.
Redundancies are compulsory, and staff are expected to receive notice on 21 September, TheJournal.ie further reported. Cubic3 declined to provide any further comments to SiliconRepublic.com.
Rebranded from Cubic Telecom last year, Cubic3 provides connectivity technology to software-defined vehicles – vehicles whose core functions are software-based, not physical.
The company’s technology has been used in more than 30m vehicles to date. According to a 2024 interview, its software connects more than 480,000 cars every month.
Japanese conglomerate Softbank took a majority stake in the business in 2023 with a €473m investment that took Cubic3 to a valuation of more than €900m, pushing it past the $1bn threshold for unicorn status.
Act was an early-stage investor in the Irish business, alongside Qualcomm Ventures, Audi and Sierra Wireless. Cubic3 has also received backing from Enterprise Ireland and the European Investment Bank.
According to TheJournal.ie’s report, staff were told Cubic3 is facing financial struggles, including being outpriced by its competitors.
The company’s clientele, which includes global names such as Volkswagen, General Motors and Audi, are expecting more work at a cheaper price, employees told the publication.
Cubic3 was founded by serial entrepreneur Pat Phelan in 2005. In January of this year, long-term chief operating officer Shane Sorohan was tapped for the role of CEO, taking over from Barry Napier, who held the position for 17 years.
Napier earned nearly €119m from the Softbank deal, while Sorohan earned an estimated €3m and around 190 employees shared €75m.
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