Parkwest software firm Workhuman is now valued at over €1 billion
By Maurice Garvey
PARK WEST software company Workhuman has achieved unicorn status on foot of a new investment that means it is now valued at over €1bn.
Workhuman is believed to be only the second Irish company after Intercom to officially confirm it has reached unicorn status, a title given to private-held tech companies worth one billion or more.
Eric Mosley from Tallaght who is CEO of Workhuman
The company was co-founded in 1999 by CEO Eric Mosley, who is from Glenview in Tallaght, and Eddie Reynolds.
Formerly known as Globoforce, the software firm operates employee reward and incentive schemes for some of the world’s biggest companies - clients including Biogen, Cisco, LinkedIn, Procter & Gamble, JetBlue Airways and KPMG.
Workhuman which is co-headquartered in Park West and Massachusetts, has confirmed London-based alternative asset manager Intermediate Capital Group (IGC) as a strategic investor in the company after ICG acquired a 10 per cent stake for 120m from existing shareholders.
The news comes as Workhuman said it has seen a sharp rise in business during coronavirus, as companies seek to reward employees for going the extra mile during the crisis.
More than 5 million employees are on the Workhuman platform across 160 countries.
The company surpassed revenues of more than €620m last year, up from €448m in 2018.
Workhuman employs more than 600 people, with more than half of them in Dublin.
As Globoforce, the company came close to listing in 2014, but decided not to proceed due to market conditions.
Mr Mosely said an IPO wouldn’t happen over the next year but would be given consideration after that time.
“The pandemic has led to a surge in demand for Workhuman’s solutions,” according to Mr Mosley.
“With more employees being asked to work from home in difficult, if not nearly impossible conditions, these massive Fortune 500 employers wanted to thank them for their flexibility they’d shown and to keep up morale.”
He said the company experienced growth of over 40 per cent in April versus the same month last year.
Incredible growth is likely to continue for the company with Mosley expecting revenue to top a billion by 2021.
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