Business

Tuesday 16 September 2014

Teamwork duo take on world No 1 Basecamp for $100m prize pot

Published 02/03/2014 | 02:30

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Left, Daniel Mackey, co-founder and lead developer, right Peter Coppinger, co-founder and CEO of Teamwork.com

Watch out, Jeff Bezos. A Cork company wants to eat your lunch.

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Teamwork.com, an innovative project management technology company headed by 35-year-old Peter Coppinger, is ramping up operations as it plans to take on world leader Basecamp, the US firm backed by Amazon.com billionaire Bezos. The Cork company is targeting revenues of $100m.

Set up in 2007, Teamwork's really smart technology has been taken on by 20,000 companies around the world in a bid to make managing projects, from digital marketing campaigns to retail operations, much simpler. Clients of the firm range from video game giant EA to Hollywood studio Universal.

Teamwork has just splashed out $675,000 to buy the Teamwork.com domain name as it turbocharges its marketing and growth plans. Already generating $7m per year, Teamwork CEO Coppinger (above right, with co-founder and lead developer Daniel Mackey) believes that the firm can bust through the $10m mark this year. Unlike many technology companies, it is already profitable.

Teamwork operates on a scaled subscription model, with initial levels of product with limited capacity free for users. The price is then hiked up dependent on capacity and features. Coppinger believes that there is a real opportunity to launch a far higher level of product for a much increased fee. This could potentially transform the Teamwork revenue stream.

Bootstrap funding has led the initial charge but Coppinger does not wish to take on external funding despite several offers. He owns around 55 per cent of the company. Teamwork, which employs 15 staff, is planning to at least double staff numbers this year. However, finding suitable skilled or qualified staff is proving difficult, according to Coppinger. The company is examining plans to open up operations in Bulgaria, where it already has a small presence.

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