Amsterdam-based Rodeo Software, a cloud-native project management software provider, has been declared bankrupt by the court in Amsterdam by termination of the suspension of payment on Wednesday, April 24.
The announcement comes a week after the Dutch company got into a controversy following allegations of financial irregularities.
A brief overview
As a result, US-based growth equity firm PSG Equity, which invested in Rodeo in 2022, has taken legal action against the company’s founder, Pieter Vos, seizing €67M.
Rodeo Software has informed its shareholders of potential financial irregularities within the organisation, prompting an investigation led by forensic accountants.
Vos, who founded Rodeo in 2016 and was the CEO until…