Software firm Globoforce set for €400m float on Nasdaq in weeks
Irish software company Globoforce is set to list on the Nasdaq within weeks, two sources close to the company have said.
The underwriters are JP Morgan, Credit Suisse, UBS, Stifel, and Raymond James.
The €400m-valued company, which provides cloud-based human resources software that allows blue-chip companies to reward and incentivise staff, filed its intention to float with the Security Exchange Commission in November last year, seeking to raise €55m, according to the filings.
Globoforce was founded by its chief executive, Eric Mosley, whose 11 per cent stake in the company could be worth €46m post float.
Headquartered in Dublin, with a main office in Boston, it is backed by Betfair and Wonga investor Balderton Capital, which holds a 41.5 per cent stake and US tech and life sciences investor Atlas Ventures with a 31.4 per cent holding.
Customers include P&G, Symantec, JetBlue and Thomson Reuters, with US utility giant General Electric representing almost one-third of the company's revenue, according to security exchange commission filings.
Revenue for 2013 up to the end of September was €94m, its filings show, while it had net losses of €3.8m to end of September 2013.
The company has nearly doubled its workforce in the past three years, now employing 230 people.
Set up in Dublin in 1999, Globoforce's client base includes more than 80 companies, with more than 1.9 million users located in more than 140 countries using the companies' employee rewards solution, across 25 languages.
The company invested €1.17m in software and computer equipment to grow the business in 2013.
This is the first Nasdaq IPO with substantial Irish involvement since Barry O'Callaghan's Riverdeep in 1999. In 2012, Ireland-based Fleetmatics listed on the Nasdaq, but Irish investors including Bill McCabe's Oyster Capital had exited ahead of listing.