Amsterdam’s Rodeo Software declared bankrupt, after fraud allegations rocked the company

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 his dismissal on March 28, is accused of violating management agreements and contractual obligations. 

He is also reported to be absconding, and his whereabouts are unknown.

However, details regarding the extent of the financial discrepancies within Rodeo Software remain unclear, pending the outcome of the investigation.

We at Silicon Canals have reached out to Rodeo Software for its comments on the bankruptcy and the current investigation process. We will update this article as soon as we hear back from the company.

PSG Equity, representing all shareholders, has applied to seize a portion of Vos’s Amsterdam home, valued at €900,000 according to WOZ records, as part of efforts to recoup owed funds.

Vos’s alleged failure to pay the salaries of fifty employees in March has further fueled suspicions of his involvement in financial misconduct.

Rodeo Software: An all-in-one project management software

Founded in 2016 by Pieter Vos, Rodeo is a SaaS software company that offers all-in-one project management software with a focus on creative service customers. 

The company’s solution helps customers to optimise their workflows by streamlining planning, administration, and reporting processes.

Through Rodeo, users can cover the entire project lifecycle, connecting each step of the process – from the budget to estimate, planning, time-tracking, invoicing, and reporting.