The Civil Court of Amsterdam ruled against Pieter Vos, CEO of Rodeo Software, awarding €63M in damages to PSG Equity after Vos allegedly misappropriated investment funds. Investigations revealed Rodeo misled investors about its financial health, claiming nearly €60M in annual revenue while actually generating just €250,000 with 92 clients. Following Vos's disappearance in 2024, the company filed for bankruptcy, leading to the sale of its assets. Other entities tied to Vos were also ordered to pay significant restitution, highlighting the broader implications of the fraud.
The court's ruling comes after months of investigations revealing significant discrepancies in Rodeo's financial claims, highlighting the dire impact of CEO Pieter Vos's alleged fraud.
With only 92 customers contributing to a mere €250,000 in annual revenue, the reality starkly contrasted with claims of a €60M ARR and 17,000 customers.
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