IT service management group PinkRoccade has pulled out of Australia, citing a weak market and heavy losses.
The Australian presence of the Netherlands-based PinkRoccade was closed in October, when head office declared that "activities in Australia showed substantial unexpected losses". The Dutch company said in a statement that although the Australian operations had gotten off to a "reasonable start", results had remained far below expectations.
"We do not anticipate any improvement in the foreseeable future, due to disappointing prospects on the local market," said Henk Bosma, CEO of PinkRoccade.
The company also blamed an unsuccessful expansion bid, including the takeover of Web design outfit Viper Communications Group, as a reason behind the collapse.
The closure follows a restructure and rebranding campaign undertaken in July, in which the company consolidated its interests of Pink Elephant, Viper and ALC Training under the single PinkRoccade banner. Around 120 staff were employed throughout its Asia-Pacific region operations.