London: Startup Geniac is shutting down finally. The announcement came after it was revealed that that majority owner Grant Thornton, the international professional services company, has made the decision to shutter Geniac as of April 5th. The company informed the customers at the beginning of this month that they’d need to find a new provider.
In July 2015 Geniac had announced that it had secured support from Grant Thornton UK in a deal worth up to £22 million in backing. The announcement was also spun as a funding story when in actual fact Companies House records show that Grant Thornton effectively became the owner of the startup via its own acquisition arm at the time of the investment.
According to a spokesperson for the company, “Geniac’s founders, Eduardo Garcia and Mike Galvin, left the business to pursue other opportunities.”
The decision by Grant Thornton to pull its support of Geniac was not completely a surprising one. It’s not uncommon for acquisitions not to work out as well as hoped and regulatory filings show the startup made a loss of over £2 million in the year to June 2016 (it has yet to file accounts for 2017).
“We are sorry to announce that we have decided to close the Geniac service. We had high hopes for Geniac, but unfortunately, we are not making the progress we wanted, to be able to continue to provide the best service to our clients,” reads the email Geniac sent to our customers.
“Yes, we have we have made a decision to close Geniac. We will no longer be able to offer services to clients after 5 April 2018,” says a Grant Thornton UK spokesperson.
more recommended stories
Sweden-based company, Detectify provides a website vulnerability scanner
Detectify, a Sweden-based company, that.
Pinterest continues to roll out its ‘Shopping Ads’ tool to more marketers and advertisers
Pinterest is looking to continue to.
Porsche’s Mission E ready for launch, to hit sales in 2019
Porsche is readying its Mission E.
Microsoft comes forward to support computer students in Ghana after pictures of teacher teaching without computers go viral
Richard Appiah Akoto in Ghana.
UPS is working on vehicles with an aim to develop trucks that cost as much to purchase traditional fuel-based delivery vehicles
UPS will be working with partner.
Player Unknown’s Battlegrounds is now available in the mobile version
Player Unknown’s Battlegrounds, the ‘battle royale’.
Insta360 reveals new video showing off latest ‘FlowState’ video stabilization tech
360-degree camera maker Insta360 has released.
Airbus recently had the first ever victorious flight of its Vahana autonomous air vehicle
Airbus recently had the first.
Austin-based Data.world is building a new tool which combines data with a social network
Data.world has tried to build a.
Instagram is now testing a new portrait feature ‘Focus’
Instagram is now reportedly testing.