Overstock sets up R&D center in Ireland with focus on blockchain, machine learning
Overstock sets up R&D center in Ireland with focus on blockchain, machine learning
The new European base is located in the IDA’s flagship North West business park. The company already has more than 80 technologists working in Sligo and is on track to hire another 20 staff before the end of the year.
According to a press release, Overstock has invested €1 million for the Westgate tech campus in the IDA’s business park in Finisklin, Sligo town. Overstock CEO Jonathan Johnson said that the company opened its Ireland office back in 2013, adding:
“Our Irish team has been instrumental in many of our technological innovations over the years, including advancements in machine learning, augmented reality, and blockchain applications. It’s great to open the doors to a new campus the team can grow and call home.”
The Minister for Business, Enterprise and Innovation, Heather Humphreys TD welcomed the expansion and said that Overstock’s presence is a “significant boost the region, and demonstrates, once again, that we have the right skills and talent to attract quality companies.”
The expansion comes on the heels of major leadership changes at Overstock. Patrick Byrne abruptly stepped down as CEO on Aug. 22 after admitting to helping conduct political espionage and having in a relationship with Russian spy Maria Butina. Subsequently, he sold his entire stake, estimating to be worth $100 million, to invest in cryptocurrencies and precious metals. Overstock has named Jonathan Johnson as its new chief executive officer late last month.
Furthermore, Overstock.com, Byrne, and former CFO Greg Iverson are facing a lawsuit for securities fraud. The complaint, which was registered on Sept. 27 in Utah, was filed by Lewis Kahn of Louisiana-based law firm Kahn Swick & Foti on behalf of plaintiff Benjamin Ha and “on behalf of all others similarly situated.” The lawsuit states:
“While defendant Byrne had previously, at different times, launched into public tirades over short selling and naked short selling, the tZERO Dividend was his secret plot to finally obtain hegemony over them — and it almost worked.”
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