Globoforce €400m IPO may see Mosley stake worth €46m
Eric Mosley, the entrepreneur behind the fast-growing Globoforce, will join the ranks of the country's super rich with the upcoming Nasdaq float of the €400m technology firm.
IPO filing documents show that Mosley has an 11.5 per cent stake in the firm, which is likely to be worth up to €46m when the company lists on the stock markets shortly. Globoforce, which was set up in 1997, has developed social recognition software that businesses use to engage their employees, as a way to "create alignment with values and advance company goals and culture". Mosley's firm has signed up numerous blue-chip clients, including P&G, Symantec, JetBlue and Thomson Reuters.
Globoforce has hired JP Morgan, UBS and Credit Suisse as advisers and joint book runners ahead of the IPO. Pricing of the shares is expected shortly. Globoforce is planning to raise $75m from investors.
Balderton capital will be one of the big winners, with its 41.5 per cent plus stake soaring in value. Cambridge's Atlas Venture is the second largest venture capital investor in the group, with 31.4 per cent.
New regulatory documents show that Mosley has repaid $2.5m to the company as part of a share-purchase agreement by handing over 29,941 shares.
In an update to its initial filings, Globoforce revealed that sales in the last quarter rose 17 per cent on last year. For the first nine months of the year, revenues hit $127.9m, up 17.7 per cent from the same time in 2012
The Globoforce flotation is the latest in a surge of Irish companies heading to list on stock markets. Until recently just two companies had floated in nearly six years; however, since July, three companies – Gameaccount, Mincon and Keywords Studios – have all had successful market debuts. As well as Globoforce, the Paul Coulson behemoth Ardagh is still aiming for an IPO subject to regulatory approval of its Verallia buyout.
Eddie O'Connor's green power group Mainstream Renewables, Domhnal Slattery's aviation leasor Avolon and Liam Casey's Apple product manufacturer PCH International have also outlined future float plans.