The Cork-headquartered arm of all-in-one employee experience platform software company Workvivo last year recorded pre-tax profits of €20.7m "in a period of accelerated growth".
New accounts show that the pre-tax profit at Workvivo Ltd of €20.7m followed a pre-tax loss of €19.3m in 2023 - a positive swing of €40m.
Communications platform Zoom purchased Workvivo in a €250m deal in 2023 and revenues increased by 174% to €69.39m in 2024 from €25.3m in the prior 13 month period.
The directors state that the revenue increase was primarily driven by a €37.3m rise in intracompany turnover reflecting services to provided to parent company Zoom as part of the continued integration of Workvivo into the Zoom Workplace platform.
The directors state that third party revenues increased by 32% in 2024 "supported by ongoing expansion among enterprise customers".
They state that Workvivo "is in a period of accelerated growth, has a strong sales pipeline, including some of the world's leading brands and support from its parent company".
In February 2024, Workvivo moved its HQ office location to City Quarter, Lapps Quay in Cork while in September of last year, it moved its Dublin office location to 7 Grand Canal, Grand Canal Street Lower, Dublin 2.
The directors state that during the year, Workvivo achieved several strategic milestones, including May 2024 when it was named Meta's only preferred migration parter as Workplace from Meta was retired, enabling migration solutions for customers moving to Workvivo.
The directors state that Workvivo's post tax profit increased by 188% to €16.96m "driven by the acquisition of major global brands as customers, continued product development and sustained year on year growth reinforcing Workvivo’s position as a leading employee experience platform".
The company recorded the post tax profits of €16.96m after incurring a corporation tax charge of €3.74m.
The accounts show that the US is Workvivo's largest market accountings for €53.3m or 77% of revenues. The firm's Irish revenues climbed from €2.76m to €2.97m.
The firm generated €25.88m from software subscriptions while intra-company service revenues increased ten fold from €4.09m to €41.4m.
Numbers employed increased from 127 to 165 made up of 62 in Research and Development, 38 in customer experience, 36 in sales, 17 in marketing and 12 in general and administrative.
As a result of the firm's growing workforce, staff costs increased from €23.2m to €31.12m. A large portion of staff costs was €12.06m in share based payments while salaries were marginally more at €12.26m.
Directors’ pay increased more than four fold from €328,013 to €1.496m.
Reporting by Gordon Deegan
