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Jul 27 2009

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How boom went bust at the click of a mouse

I’ve chronicled the slide of BuildOnline in a number of blog posts over the past four years (notably Investing in a dot.com/SaaS business: a history), and the losses suffered by the early BO investors have clearly been shared by numerous other Ireland-based start-ups, as this Irish Independent article makes clear. Writer Roisin Burke suggests BO’s early backers lost €40 million (that’s just under £35m at today’s rates, or US$57m):

“… many respected investors lost money. Goldman Sachs and Irish venture capital firm Delta Partners, along with other high-profile names, lost a total of €40m invested in the late-Nineties when Brian Moran’s construction software firm buildonline merged with a US company in 2006 with almost €40m in losses.”

And this €40m excludes the losses incurred by investors in the other companies that were merged into BuildOnline, up to and including Citadon in 2006.

Permanent link to this article: http://extranetevolution.com/2009/07/how-boom-went-bust-at-the-click-of-a-mouse/

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