Irish tech firm Workhuman joins unicorn club after $1.2bn valuation

23 Jun 2020

Still from ‘What’s it like to work in architecture at Workhuman?’. Image: Silicon Republic/YouTube

Software firm Workhuman, which is co-headquartered in Dublin, has been valued at $1.2bn after its latest investment deal.

London-based alternative asset manager Intermediate Capital Group (ICG) has become an investor in Workhuman, acquiring a minority stake in the company from existing shareholders.

The stake is reported to be worth 10pc of the company, amounting to $120m, making Workhuman one of the latest companies with a significant Irish presence to enter ‘unicorn’ status with a value of $1.2bn.

The company is co-headquartered in Dublin and Massachusetts and employs around 600 people. It was founded in Ireland in 1999 by Eric Mosley and Eddie Reynolds, and was previously known as Globoforce.

Workhuman’s HR tech platform helps companies recognise performance and incentivise workforces. It has clients such as LinkedIn, Procter & Gamble, Symantec, Cisco and The Hershey Company.

As part of this latest deal, approximately 95pc of Workhuman’s angel investors from the early 2000s will now exit, potentially paving the way for a future initial public offering. According to Mosley, who is the company’s CEO, the Covid-19 pandemic has led to a surge in demand for its services.

‘We all need human connection’

“ICG’s support helps put us on a great path forward as we get ready for the next phase of Workhuman’s growth,” Mosley said.

“If the Covid-19 pandemic has taught us anything, it’s that we all need human connection. Our continued double-digit growth and ongoing business momentum is a sign that organisations are craving a way to build better relationships and foster trust with their employees, no matter where they are.”

Benoit Durteste, CIO and CEO of ICG, added: “In the past couple years, and even more so as a result of the Covid-19 pandemic, organisations have begun to realise the power and value of their people and have been forced to innovate and thrive in new ways. Workhuman provides them with progressive tools to understand, engage with and better utilise their employees in ways they never could before.”

Three new executives have also recently joined Workhuman’s leadership team, including Chris DeMeo as its new vice-president of customer marketing, Dr Patti Fletcher as its vice-president of brand marketing, and Jason Griggs as its senior vice-president of global sales.

Last year, Workhuman announced it was to expand its Dublin office with the creation of 150 roles and an investment of €4m in its Irish base. Looking to the future, Mosley told The Irish Times that the company expects double-digit revenue growth this year, and possibly $1bn in annual revenue by 2021.

Colm Gorey was a senior journalist with Silicon Republic