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Workvivo sees revenues rise to €6.43m in 2021

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The Cork-based arm of employee communications software company Workvivo more than doubled the size of its workforce to 54 last year as it continued to expand.

That is according to new accounts which disclose that Workvivo Ltd “received a further substantial investment” from US investment firm Tiger Global Management and Oldship Ferry LH LLC in February of this year.

The note states that in return for their investment, each party received preferred shares in the company.

Tiger Global has already invested in the Collison brothers’ Stripe and the new accounts for WorkVivo show that the company recorded losses of €4.86m in 2021. This followed losses of €1.51m in 2020.

The firm incurred the sharp increase in losses as its revenues increased more than fourfold from €1.5m to €6.43m.

At the same time, the firm’s workforce here increased from 22 to 54 as staff costs soared from €1.87m to €5.05m.

Directors’ pay also increased sharply from €288,721 to €347,105.

A note attached to the accounts states that the “company continues to incur losses but has secured a large investment after the year end”.

The firm confirmed the €4.86m loss for the year and pointed out that it “has substantial cash balances in the bank at the year end in the amount of €10.1m”. The firm’s cash funds during the year declined from €13.8m to €10.1m. The amount owed to the firm by debtors increased from €1.6m to €3m.

Some of Workvivo’s clients include Amazon, Tellus International and VMWare

A note attached to the accounts states that Workvivo “is the employee communication platform designed to build natural, meaningful bonds between teams, allowing companies to reach and engage their employees in ways that traditional tools simply can’t”.

The note states that Workvivo’s product is “your intranet, comms tool, and employee app all blended into one familiar social experience that people naturally embrace, offering companies the oversight they need while giving employees the freedom and flexibility they desire”.

At the end of December last year, the firm had shareholder funds of €8.89m made up of a share premium account of €15.5m offset by accumulated losses of €6.6m.

The firm is led by John Goulding who at year end owned the majority shareholding in the company at 51.99pc while director Joe Lennon held a further 22.28pc of the shares of the company.

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