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Web Summit makes €493,000 profit for 2013 amid expansion

The company behind Dublin's Web Summit made an underlying profit of €493,000 for 2013 on undisclosed revenues, according to its latest accounts.

Manders Terrace, a holding firm that controls events run by the three founders of The Web Summit, also showed cash in hand of €1.1m. Revenues for the overall organisation are believed to exceed €20m.

"Right now we're currently reinvesting a lot of money into the company," said Paddy Cosgrave, co-founder of the Web Summit. "We still have 20 open positions we're looking to fill. We've been recruiting some of the best people in the industry for key positions, including in data science. We're only really getting started."

The Web Summit, which was founded by Mr Cosgrave, Daire Hickey and David Kelly, currently employs "close to 100" people, according to Mr Cosgrave.

The company looks set to move into new offices due to its expanding workforce. Last week, the company hired ex-Zynga boss Aaron Steinberger as its chief operating officer. It also hired Dr Mike Sexton, a Trinity College data science researcher who is also a gold medal winner.

Last month, the Web Summit attracted 22,000 attendees - and featured speakers including Hollywood actress Eva Longoria, above - to what has become Europe's largest web technology and start-up conference.

Manders Terrace is a holding company for individually set up firms that run major conferencing events in Ireland and abroad. These include events in London and the US. Some of the companies, such as The Europa Awards Limited, no longer operate events. Next year, the Web Summit founders will host its second US conference in Las Vegas called Collision.

Last year, the company was subject to rumours of a €35m takeover bid from the Texas-based conference South By Southwest (SXSW). This was strenuously denied by the Web Summit founders. The company also expects to run a conference in Asia this year.

Irish Independent