Rydoo has been hit hard by the COVID health crisis, with huge layoffs in several countries (Poland, France, Portugal).
The Expense and Travel business is hard hit and will remain so for at least another year.
Rydoo is badly managed: the management had no experience in managing a software editor (the CEO comes from Amex and the VP sales was just sales before being at Rydoo). A lot of bad decisions are taken in the management of the company: bad go to market for many countries, incomprehensible pricing strategy on the service, strategy to have a closed platform not open to other editors travel or expense was a failure. A lot of initial mistakes were made by the management.
Before the crisis, Rydoo generated much less growth than other software vendors in the industry such as Travel Perk, Concur, TripActions.
Rydoo is split in two: the Belgian part and the Polish part, a lot of internal tensions between the two parts, lack of synergy.
The company had had more than 350 employees in the past but was structured as a company with less than 100 people.
Product development focuses too much on the Rydoo UX and less on the features that meet customer expectations.
The lead generation strategy is very bad, only the German market is doing well.
Human resources at Rydoo are only used to recruit or fire people.
The atmosphere has deteriorated a lot since COVID, a lot of people are considering resigning or are afraid for their job.
The management is too arrogant and overestimates its ability to manage a scale up in the software.
Sodexo, which owns Rydoo, has no synergies with Rydoo because it is too far from its core business. In addition, Sodexo is very impacted by COVID.