Workhuman tech firm sees revenue soar to €841 million
PARK WEST tech firm Workhuman has seen its revenue surge by 28 per cent last year to €841 million, according to accounts filed.
For a second successive year, the company paid out a dividend of just over €89m to its shareholders.
Co-founded in 1999 by CEO Eric Mosley, who is from Glenview in Tallaght, Workhuman develops software-as-a-service tools for human resources departments to help improve employee engagement and recognition.
Irishman Barry Maloney, a long-time backer of the business, is now chairman and owns 41 per cent of the company.
Mosley, who moved his family to Massachusetts to drive the company, has an 11 per cent stake.
Workhuman, formerly Globoforce, manages employee recognition and retention programmes for some of the world’s biggest companies.
It said that the growth in revenues was thanks to a growth in customers, allied to a rise in the insurance and redemption of rewards among its existing client companies.
According to the company, its Workhuman platform has the potential to save a
10,000-employee company with an engaged workforce up to €15.8m in staff turnover costs annually.
The company posted operating profits of €66.7m, down 7 per cent on 2020.
The fall in operating profits was credited to rising costs, with employee numbers rising 18 per cent to 787 staffers.
The business has long been tipped as a stockmarket candidate and continues to beef up its management team.
Recently, it announced Zoe Peterson-Ward was joining as chief customer officer.
Peterson joins from Salesforce, a cloud-based software developer specialising in customer relationship management.
She will also oversee the launch of the new Workhuman Consulting Practice.
A future flotation will likely be designed to give liquidity to shareholders and staff with options, rather than raising capital.
The company ended last year with €328m of cash at hand.
Workhuman was valued at €1.14 billion last year when Intermediate Capital Group (ICG), a London-based global asset manager, bought out a number of Mosley’s early backers, many of them former staff members at Davy stockbrokers.
ICG acquired a 10 per cent stake in the business for €114 million.
