Altada | Business Post

Corporate Enforcement Authority opens investigation into tech firm Altada

The Business Post has learned that a search warrant was executed on a premises last week on behalf of the state’s corporate watchdog

Cometgaze buys Altada out of receivership in €2.5m deal

The Cork-based tech company was put up for sale in November last year after it ran into significant financial difficulty and owed almost €10 million to creditors

New twist in Altada sale as lower bid is accepted

A rival bid worth an estimated €1 million more appears not to have succeeded

Staff revolt fails to put off Altada buyer

Potential buyer of troubled tech firm says deal will go through regardless of whether current workers quit

How Altada burned through €11.5m funding to leave it like ‘a melting ice cube’

The Business Post last year revealed a culture within the Cork-based tech firm of heavy spending on events including expensive hotel stays. The insolvent firm has now been sold for €4 million, having been talked about as a potential €1 billion valued unicorn just a year ago

Exclusive: Altada to be sold to founding investor in unexpected turn of events

Datech, which is led by Jeffrey Leo, is expected to succeed in its bid to acquire the tech firm ahead of a rival offer

Evening Headlines

Altada receiver agrees sale to entrepreneur despite higher offer; Rise in surplus office space

The stories you need to read this evening in business, politics and current affairs

Altada receiver agrees sale to Irish entrepreneur despite higher offer from rival bidder

Eoin Goulding, who founded cybersecurity company Integrity360, has agreement with receiver to buy the troubled tech firm, the High Court has heard

Exclusive: Altada’s accounts show it lost €7m in the ten months before receivership

Unaudited accounts seen by the Business Post show the financial situation in the Cork-based tech firm that was touted as a unicorn before it entered difficulties

Former investor who lost $1m comes back to bid for Altada

JKO Capital, a vehicle led by former Formula One boss Eddie Jordan and Keith O’Loughlin, is also seeking to buy firm from receivership

Former investor files petition to liquidate Altada as deadline for new buyers nears

The Cork-based AI firm which was once touted a billion-euro start-up was placed in receivership in November after it ran into financial difficulties

Today's headlines

Reliance on FDI ‘exposes Ireland to risk of job loss’; Donnelly says Health Tapes in public interest

The top stories from business and politics in today’s Business Post

Altada to be sold as co-chief executives lose control of AI firm

Allan Beechinor and Niamh Parker are reportedly no longer in control of company, after a receiver was appointed

Receiver appointed to Altada following months of financial difficulties

Troubled tech firm has been dealing with financial woes since a planned funding round fell through earlier this year

Editor’s picks: Sit down with the best of our big reads

Our editors handpick the best writing in this week’s Business Post – including when Charlie Taylor met Altada’s co-founders

‘People are intrigued about Altada...They are thinking, “who is this company?”’

Allan Beechinor and Niamh Parker hoped for ‘decacorn’ status for their Cork-based AI firm, but it has been beset by difficulties. Now, they tell the Business Post, they are ‘setting the record straight’

Altada extends staff layoffs as it continues to seek $5m in emergency financing

Allan Beechinor, co-leader of the firm, has said it is confident of confirming new investment soon

Enterprise Ireland issued early warning of job cuts at Altada

The report on the aspiring tech unicorn was written on the day it announced it was furloughing staff, who have since received no word on their work status

Altada assured investors of annual €40m profits by 2024

A presentation prepared for potential investors claimed the Cork-based tech firm’s overall revenues would increase tenfold in just four years

Altada chiefs rejected new funding deal that would require them to step back

The celebrated Cork-based AI company says it is seeking bridging finance while it waits for fresh funding, as insiders reveal details of heavy spending, pay roll issues and multiple angry, unpaid creditors