Cork software company TeamworkPM has reinvested its profits into acquiring the Teamwork.com domain name for US$675,000 (€500,000).
The software company describes the move as a “bold statement of intent.”
Some 20,000 companies in 147 countries worldwide use TeamworkPM’s business software, which streamlines day-to-day operations.
Around 90pc of the customer base includes companies like eBay, Microsoft, Oxfam, Forbes, PayPal, Electronic Arts and NBC.
The company says sales are set to exceed US$12m by the end of 2015.
“Negotiations took over two years and this is the first time that the domain ‘teamwork.com’ will actually be used, having remained dormant since it was acquired by the original owner in 1999,” explained TeamworkPM chief executive Peter Coppinger.
“The purchase of Teamwork.com was one of the biggest domain sales worldwide last year and we believe it to be one of the most expensive ever purchased by an Irish company.
“We are 100pc confident that the investment will pay for itself in no time as we expand our product range and improve marketing under the new brand,” Coppinger said.
He said the company aims to use the new domain name to be a kind of marketplace for its software-as-a-service (SaaS) cloud-based business products, which include CRM, customer support and bookkeeping.
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