Tech firm Qualtrics to employ 'hundreds' in Dublin following $180m equity injection
Fast-growing technology firm, Qualtrics, has pledged to employ “hundreds more people” at its European headquarters in Dublin following a fresh $180m equity injection from its private equity backers.
The corporate research software company, founded fifteen years ago in Utah by brothers Ryan and Jared Smith, forged into Ireland in 2013, and now employs over 250 people at its offices near St Stephen’s Green.
This latest funding round takes Qualtrics’ valuation to $US2.5bn and is likely to fuel hopes of a stock market debut later this year as investors clamour for a larger pipeline of tech IPOs.
Chief executive Ryan Smith, has made no secret of the company’s desire for a tilt at the boards but in an interview with the Irish Independent declined to give any clarity around the timing of a float.
He said “we are really focused on the post IPO years”, arguing it was important to ensure “you are set up for that acceleration”.
Smith emphasised that Qualtrics remains majority-owned by its founders and staff but said this latest investment was led by Insight Venture Capital with additional cash provided by Accel Partners and Sequoia Capital.
The addition of Murray Demo, chief financial officer to the Australian tech darling Atlassian, which debuted on the New York stock exchange and in December 2015 and has since shot up in valuation, is likely to add further grist to the IPO rumour mill.
Smith pointed out that Qualtrics’ board is already populated by industry leaders, including former Apple and Google executive, Kim Scott, who joined in April 2016.
Smith also signalled at a wider European expansion, claiming “we are having a phenomenal time over there” as the company looks to open in Paris after establishing operations in London and Munich.
But he declined to give any detail about the precise numbers of new jobs on offer in Dublin, pointing out the company has already exceeded its target of employing 250 people in the capital.
Dermot Costello, chairman of Qualtrics’ European operations, said the intention was “to hire hundreds more people in Dublin” stressing the company had “complete confidence that we’ll be able to keep growing” in Ireland.
Qualtrics fund raising news follows the launch of its XM Platform, which groups the four core experiences of businesses – customer, employee, product and brand experience, in one single platform.