Losses rise at Irish arm of Declan Ganley’s Rivada
Projects next year involve capital expenditure of up to $1.85bn
Declan Ganley of Rivada at home in Galway. Photograph: Brenda Fitzsimons
The Irish arm of Declan Ganley’s communications technology company, Rivada Networks, increased its accumulated losses last year by €300,000 to €1.3 million, according to its recently filed accounts.
It is understood, however, that the performance of most of the company’s operations, in the US and elsewhere, are not captured by the Irish entity, which is ultimately owned by another company registered in Virginia.
A source close to the company suggested that Rivada, in conjunction with financial partners in various consortiums, is involved in projects that will entail capital expenditure of up to $1.85 billion next year.
Rivada sells patented technology to make telecommunications infrastructure, such as mobile networks, operate more efficiently. It is believed to have raised up to $100 million in financing in recent years.
Galway-based Mr Ganley has previously confirmed that billionaire entrepreneur Peter Thiel is an investor in the group. Its most recent fund raising is said to have valued it at up to $800 million.
A note to the accounts of the Irish-registered part of the operation said that Golden Bay Holdings, a company linked to Mr Ganley, owns a near 17 per cent stake in the Rivada group.
Another note to the accounts says Rivada spent €280,000 last year entertaining “potential investors” through another of Mr Ganley’s companies, Lough Cutra Shoot, which has shooting rights on an estate in Galway.
A source close to the company suggested, however, that this figure includes a broad range of company entertainment expenses for staff, clients and investors, and is not linked solely to a bill for going shooting.