InvestorForce shuts down its European operations
EUROPE – InvestorForce, the online manager selection platform, has closed its London-based European operation and made the entire staff redundant, in a bid to focus on its domestic US market, citing the downturn in capital for internet projects in Europe.
Peter Flynn general manager, Europe for InvestorForce, who loses his post at the firm, comments:
“ The company has got plenty of money and concentrating on the US is probably the right decision.”
He adds that while he believes there is interest for the on-line manager search system in Europe, the sea-change in the fortune of internet-based projects has made it difficult to attract business: “I think there was a great deal of interest in Europe and I think InvestorForce expanded here at a time when capital was free to internet companies. The world has changed since then and the company has decided to focus their resources on the US.
“Frankly if I was senior management I would be doing exactly the same in this environment.”
Flynn says he is going to take a couple of months out of the industry and will look at new prospects towards the end of the year.
At the height of its European operations, InvestorForce employed five people in its London branch.
Diana Takata joined the firm in November last year as marketing manager for Europe.