Kneat delisted from the Toronto Stock Exchange following its June acquisition by Thoma Bravo.
Roughly 36 workers have been laid off at Limerick software company Kneat Solutions, two weeks after US private equity group Thoma Bravo completed its acquisition of the business.
“Following a review of its organisational structure and business needs, Kneat has made the difficult decision to reduce its workforce by fewer than 10pc of its more than 360 employees,” Kneat CEO Eddie Ryan told SiliconRepublic.com, confirming rumours circulating online that the company axed its Limerick headcount.
Kneat is an enterprise software company that develops digital validation platforms for use in highly regulated industries such as life sciences and healthcare.
Its AI tools help its global pharmaceutical customers, including US-based Recipharm Advanced Bio and ElevateBio, Japan’s Fujirebio Diagnostics and New Zealand’s Douglas Pharmaceuticals, ease bottlenecks in drug development by cutting the time it takes to analyse large swaths of data.
