The Irish arm of US tech firm, Hubspot last year returned to profit to record pre-tax profits of €11.66m.
New accounts show that Hubspot Ireland Ltd recorded the profits as revenues increased by €96.14m or 32% from €295.1m to €391.26m.
The firm operates a customer relationship management (CRM) platform for scaling companies and numbers employed by the business, which also includes a Swedish branch, last year increased by 205 from 1,034 to 1,239.
The firm's staff costs increased sharply from €133.2m to €185m that included share based payments of €48.8m.
The Dublin base continues to expand with the company website showing 23 open positions currently.
The directors state that the main drivers of the profit are due to increases in customers and increase in demand for the firm’s Professional and Enterprise products, as well as slow hiring and reduced discretionary spend in the second half of 2022.
The directors state that they are satisfied with the results of the business during 2022.
The software firm has its European Middle East and Africa (EMEA) HQ in Dublin and a note attached to the accounts states that the overall group has been stable throughout the year in Ireland, with continued sales growth.
A breakdown of those employed show that 613 are employed in sales and marketing, 132 in general and administration, 305 in 'Research and Development’, 138 in customer support and 51 in services.
The company has subsidiaries based in Germany, the UK, France and Belgium.
The €391m revenues for 2022 recorded at the firm represent 24pc of Hubspot Inc’s global revenues of $1.73bn (€1.64bn) for 2022.
The directors state that the Company’s CRM Platform, comprises of Marketing Hub, Sales Hub, Service Hub, CMS Hub, and Operations Hub, features integrated applications and tools that enable businesses to create a cohesive and adaptable customer experience.
The firm's R&D spend last year almost doubled from €36.19m to €64m while its lease costs reduced from €8.6m to €6.54m.
The profit takes account of non-cash depreciation costs of €6.23m.
Hubspot in the US is listed on the New York Stock Exchange (NYSE) and today has a market capitalisation of $22.93bn.
The accounts show that Hubspot’s revenues for its Irish market last year increased by 36pc from €6.73m to €9.16m.
The firm’s 'rest of Europe’ revenues increased from €235.89m to €291.1m with North American revenues increasing from €41.84m to €73.38 and ‘rest of world’ increasing from €10.64m to €17.61m
At the end of December last, shareholder funds at the Dublin unit totalled €33.36m. The company’s cash pile decreased from €68m to €59.26m.
Reporting by Gordon Deegan
