StrongRoom essentially went into administration after a large funding round and very public, serious events — discrepancies in the financial records, misstated revenue that investors reported as fraudulent, and multiple court cases still going on. Joe then bought the assets of the company.
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Joe recounts that StrongRoom went into administration after "a large funding round and then discrepancies with the financial records books — misstated revenue and investor reported as fraudulent." There were multiple court cases still going on for the previous company. Here in Australia, he says, it was almost like the Theranos — "Australia was missing that big scandal," and all the journalists wanted to talk about it. He thinks it got blown out of proportion: the journalists covered it daily, then it was weekly news for like three months. After the company was put into administration, Joe bought the assets.