Business Irish

Wednesday 23 October 2019

Expansion deepens Hubspot's Irish loss

Co-founder Brian Halligan
Co-founder Brian Halligan

Gordon Deegan

Expansion costs contributed to pre-tax losses at the Irish arm of US software firm Hubspot more than doubling last year to €7.7m.

New accounts show that Hubspot Ireland Ltd recorded the 135pc increase in pre-tax losses as revenues surged by 60pc, to €112m from €70.56m.

Please log in or register with Independent.ie for free access to this article.

Log In

The software firm has its European, Middle East and Africa HQ in Dublin and numbers employed by the business here last year increased 44pc, from 336 to 484.

The 148 increase in headcount contributed to staff costs rising by 55pc, to €56.29m from €36.58m.

The staff costs last year included €10.39m in share-based payments and the 65pc increase in such payments from €6.29m was, according to directors, "the main driver of the loss" which was sustained in 2018.

The revenues at the firm's Dublin base represented 24pc of Hubspot's $513m (€463.9m) global revenues last year.

The directors stated they are satisfied with the results of the business.

They stated that revenues increased "due to the improvement in (the) overall economic environment and growth in the customer base".

Last November, Hubspot more than doubled its footprint in Dublin.

Irish Independent

Also in Business