Business Irish

Sunday 21 September 2014

Windfall for Dublin-based Zendesk staff after IPO

Published 17/05/2014 | 02:30

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New York Stock Exchange

Staff of Dublin-based online customer support firm Zendesk could be in for a windfall after the company completed a successful flotation on the New York Stock Exchange, valuing the firm at €670m.

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The US company, which opened an office in Dublin's Silicon Docks last November, employs about 25 people here.

Zendesk floated yesterday at a price of $9 (€6.60), which quickly rose to $13 (€9.50), boosting the company's value by €204m in the space of a few hours. The IPO raised €73m in cash for the company.

While a spokesman declined to comment, the company offers stock options to staff in line with standard hiring practices for international tech firms located in Dublin.

Dublin-based staff in Facebook, Google and Twitter have seen the value of their stock options rise considerably in line with climbing technology valuations.

Zendesk, which is an emerging competitor for customer software giant Salesforce.com, doubled its revenue to €52.6m in 2013 while making a loss of €16m.

However, the company has raised at least €63m in funding in the last five years from investors that include Goldman Sachs and Benchmark Capital.

The company was founded in Denmark and is now headquartered in San Francisco. It employs 500 people worldwide, with Dublin one of its fastest-growing offices. It currently has 10 positions it is seeking to fill at its Silicon Docks office.

Irish Independent

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