Receiver appointed to troubled Cork tech company Altada

A Dublin web designer has also registered a €12,000 judgment against the business

Niamh Parker and Allan Beechinor, co-founders and co-chief executives of Altada Technology Solutions: a receiver has just been appointed to the firm.

A receiver has been appointed to Altada Technology Solutions, the troubled Cork-based data management and artificial intelligence company led by husband and wife duo Allan Beechinor and Niamh Parker.

Documents filed with the Companies Registration Office indicate that Grattan Boylan, Alan Bruce, Lynn Bruce and Noreen Gallagher – who provided debt finance to the company in September – have appointed Nicholas O’Dwyer, a partner in Grant Thornton as receiver to Altada after months of speculation about its future.

The troubled tech company has also recently had a judgment of almost €12,000 registered against it by, Aidan Quigley, a Dublin-based web designer, who says he was not paid for work he undertook for the business.

Asked for comment earlier this week, Mr Beechinor said: “It’s no secret that we’ve had our difficulties.”

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Mr Beechinor said that Mr Quigley had worked with Altada’s digital marketing team on a project around the time that the business first ran into difficulties earlier this year. Mr Quigley could not be reached for comment.

In August, Altada announced that it had furloughed a number of staff on “temporary” basis due to “unforeseen market conditions”. The company, which employed 13 people in Ireland last year, had plans to grow its headcount to 100 before it faced financing issues following delays to a planned funding round earlier this year.

Senior management had expected Altada to achieve a $1 billion valuation in 2022 after it raised $11.5 million in a funding round last September, led by Rocktop Partners along with Elkstone Partners and Enterprise Ireland.

Mr Beechinor and Ms Parker were also shortlisted for this year’s EY Entrepreneur of the Year awards.

Mr Beechinor said this week that the company has been “in a holding pattern” as it looks to secure fresh investment, which he said was imminent.

He told The Irish Times that he would be able to share information about the investment later in the week. On Friday, he said Altada was “still working through legals” and that he was “bound by NDA [non-disclosure agreement]”.

Ian Curran

Ian Curran

Ian Curran is a Business reporter with The Irish Times