Limerick’s Kneat lays off 10pc of staff after Thoma Bravo acquisition
Kneat delisted from the Toronto Stock Exchange following its June acquisition by Thoma Bravo. Read more: Limerick’s Kneat lays off 10pc of staff after Thoma Bravo acquisition
Enterprise software firm Kneat Solutions reduced its workforce by around 10pc, cutting 36 employees at its Limerick office following its acquisition by Thoma Bravo in June. Kneat CEO Eddie Ryan announced the workforce reduction to SiliconRepublic.com, confirming rumors of layoffs. The Limerick-based company develops AI tools for regulatory industries such as life sciences and healthcare, assisting customers like Recipharm Advanced Bio and Fujirebio Diagnostics in accelerating drug development.
Kneat's acquisition by Thoma Bravo, valued at C$650m, followed a 22pc year-over-year revenue growth to $18m in its last quarter ending March. The company delisted from the Toronto Stock Exchange post-acquisition, with shareholders receiving a 20pc premium on the final stock price.
Written by urgent.news from Silicon Republic's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
