Published:
18.12.2023

A Story Comes to an End

We've been on a special journey with Green Fox over the past nearly 8 years. We've met some fantastic people and (career) stories that have driven us forward every day. But now we must bring the Green Fox story to a close.

A Story Comes to an End

We are proud that we could assist thousands of students in building their IT careers and connect many talents with our partner companies. From the very first moment of our foundation, we have been immensely proud of our students, who time and again have proven that dedication, hard work, and motivation can achieve anything, even a new career. We have encountered fantastic people and stories that propelled us forward every single day.

Now, however, we must bring the Green Fox story to a close. The past year has brought about many changes not only in the IT sector but globally, affecting our lives as well. The consequences of war, high inflation, and other economic challenges continuously presented us with difficulties. These deteriorating economic conditions have also slowed down the labor market, which has had a significant impact on our business model. We tried to adapt until the last moment, but the owners ultimately had to make the toughest decision: Green Fox is closing.

Our ongoing courses will be completed, but we will not launch new ones. We will discuss the details of the continuation directly with our current students.

We still believe that the IT industry needs talents emerging from bootcamps. We also believe that IT is a future-proof sector that offers opportunities for employees in various positions and areas.

Thank you for being with us for the past 8 years, and we wish you to fulfill your career dreams.

The official press release from the owner is as follows:

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Official press release:

Green Fox Academy filed for insolvency

Green Fox Academy, whose majority shareholder is the Luxembourg alternative investment fund Sandberg Investment Fund II SCSp managed by the Slovak private equity company Sandberg Capital, ends its operations today. As a result of market developments in the CEE region, it has faced liquidity problems in recent months. Following an agreement between the shareholders, Green Fox Academy filed for insolvency.

"The past year has been marked by extreme changes that have had a negative impact on both the B2B and B2C sectors. Economic volatility has led to a significant cooling of the labour market and declined interest in retraining courses in the IT segment. At the same time, many corporate clients were forced to postpone projects and suspend the hiring of new or junior employees, which had a negative impact on Green Fox's growth and sales," said Richard Flimel, Partner at Sandberg Capital. 

IT Bootcamp Green Fox Academy provided courses for junior programmers. The Academy focused on retraining courses, continuing education programs and corporate training programs in the IT sector. So far, it has trained more than 5,000 students.

"We continue to believe that the programs provided by Green Fox Academy are important for the digital transformation of the region. Since joining the company, Sandberg has made several operational improvements. However, these have not yet materialized, and combined with a rapid decline in the number of students and corporate clients, the company has run into liquidity problems. Sandberg chose not to provide further financing to the company. We regret the situation, but we see filing for insolvency as the only responsible solution for our investors," said Flimel. 

Ongoing courses will be completed. 

ABOUT SANDBERG CAPITAL

Sandberg Capital is a Slovak private equity company established in 2014. It focuses on investing in small and medium-sized firms in Slovakia and the CEE region in the areas of IT, telecommunications, agriculture, education, and retail. Sandberg Capital manages more than €340 million on behalf of private and institutional investors.

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