PSG lays €67M asset seizure on Rodeo Software founder Pieter Vos amid fraud suspicions

A major US investor in Amsterdam project-management software company Rodeo Software has had €67M of assets belonging to founder Pieter Vos seized, Het Financieele Dagblad (FD) reported in April 2024, citing suspicions of fraud. The investor is growth equity firm PSG, which made a strategic growth investment in Rodeo in 2022.

Rodeo's supervisory board dismissed Vos as CEO in late March 2024 after an internal review, and forensic accountants were brought in to investigate possible financial irregularities, including the revenue and customer numbers Rodeo had reported. The seizure is a civil measure to secure a possible claim; at the time, no court had ruled on the allegations and Vos did not respond to requests for comment.

Rodeo was granted a provisional suspension of payments on 19 April 2024, and the Amsterdam District Court declared it bankrupt on 23 April 2024. In a civil case brought by PSG's holding company, the same court ruled in June 2025 that PSG's 2022 share purchases came about through fraud, and ordered Vos to repay about €62.9M plus interest. Vos was declared personally bankrupt in August 2025. The Dutch Public Prosecution Service opened a criminal investigation in December 2024; there has been no criminal conviction. Read the follow-up: Rodeo Software founder Pieter Vos, ordered to repay PSG €62.9M, tells Quote: 'I am media-shy'Dealroom has a profile for this one. Try Dealroom →.

FD: Investeerder legt beslag van €67 mln bij oprichter Amsterdams techbedrijf

NRC: 'Veelbelovend' techbedrijf Rodeo failliet verklaard (24 April 2024)

Insolvency register: administrator's first public report on Rodeo Software B.V. (PDF)