Saturday 26 May 2018

Revenues soar at Dublin marketing tech firm that boasts its own on-site pub

Brian Halligan, ceo and co-founder of Boston-headquartered firm
Brian Halligan, ceo and co-founder of Boston-headquartered firm

Gordon Deegan

Revenues at the Dublin operation of US marketing software firm, Hubspot - that includes its own custom made on-site pub - last year more than doubled to €23.37m.

The firm here is enjoying rapid growth after announcing earlier this year the creation of an additional 320 jobs over the next three years.

This followed the numbers employed at the company's European Middle East and African (EMEA) HQ in Dublin growing strongly last year with numbers increasing from 83 to 135.

In order to accommodate that growth, the company officially opened in April its new office space at One Dockland Central, located just around the corner from the original HubSpot Dublin offices at North Quay Wall.

The new offices include an on-site pub with draught beer and arcade games; a fitness room; library and other quiet rooms and a rooftop terrace.

The on-site pub's beers include include Peroni, Heineken, Guinness, Bulmers cider, and rotating local craft beers.

The Boston-headquartered firm - whose ceo and co-founder is MIT lecturer Brian Halligan - has a current market capitalisation of $1.88bn.

The 135 employees last year shared €10.74m in wages and salaries while employees received an additional €2m in share-based payments.

The firm on its website boasts it was established to make the marketing and sales process human and is today the world's leading inbound marketing and sales platform.

The firm's culture was the subject of a 'New York Times' bestseller earlier this year, 'Disrupted', by former employee Dan Lyons, said employees are entitled to free food and unlimited holidays.

The book said that one boss brings a teddy bear to meetings so that the idea of the customer is less abstract.

According to the directors' report for Hubspot Ireland, "the directors are satisfied with the results of the business during 2015".

The directors state that the key performance indicator of the company is turnover and turnover increased by 122.5pc in 2015 "due to the improvement in the overall economic environment, growth in the customer base and launch of new products".

However, the firm recorded a pre-tax loss of €183,009 and this followed a pre-tax profit of €528,532 in 2014.

According to the directors, "the main driver of the loss is the increase in administration expenses mainly due to increase in staff costs due to the increase in staff number".

The accounts show that the firm almost doubled its Irish revenues last year going from €367,282 to €678,371 while its main market, the "Rest of Europe' revenues more than doubled going from €6.59m to €16.6m. The firm recorded an after-tax loss of €463,871 after paying corporation tax of €280,862. The firm's cash totalled €9m.

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