Irish software firm eDesk is riding high on the back of the pandemic boom in online shopping, adding 150 jobs and contemplating a stock market listing.
“There’s every chance this is a hundred million dollar business in the next four, five years,” said newly appointed chief executive Dermot O’Connor. “And at that point then, yeah, [an initial public offering] is an option.
“There’s a real opportunity to succeed here and join some of the Irish unicorns of the past year or two, and get our name on that roster over the next few years.”
Founded in 2012 as xSellco, the firm rebranded last year to eDesk, the name of its leading e-commerce product, which allows online shoppers to interact with retailers, whether they buy on Amazon, eBay, Instagram or directly on the retailer’s website.
Mr O’Connor pointed to the recent growth of Irish tech giant Stripe, which saw online payments grow by 60pc in 2021, with 1,400 new companies joining Stripe each day last year.
According to Stripe founders John and Patrick Collison, online spending was just 12pc of total global spending in 2021, leaving plenty of room for growth.
“E-commerce is going to grow and proliferate, and there’s more and more selling going to happen online,” Mr O’Connor said.
Headquartered in Dublin, eDesk has signed up 2,000 new customers since the start of 2020 – including clothing brand SuperDry and consumer electronics maker Sennheiser – and hopes to double that business over the next two years.
Its expansion plans are funded by that growth, although Mr O’Connor is not ruling out going to the market for funding.
“Organically, we have a great opportunity just to ride that wave over the next few years, but not ruling out that we could do it faster if we got some capital to accelerate some of these initiatives,” he said.
Tánaiste and Enterprise Minister Leo Varadkar called the company’s growth “incredible” and likened its success to the way Irish tech firms Flipdish, Intercom, and Wayflyer "continue to take on global markets and grow from here in Ireland”.
The new hires will take the firm’s headcount from 97 to around 250 over the next 18 months.
It is hiring software engineers and salespeople in Ireland and for its planned new hub in the US, where around 40pc of eDesk’s customers are based.
New hires in Ireland will have the option of working remotely or in the company’s bases in Dublin, Derry and Skibbereen.