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Semiconductor industry

Globoforce Prepares for Nasdaq Listing with Surging Revenues and Profits

Strategic Insights

— 1 min read

Dublin-based IT firm Globoforce is gearing up for a stock market listing on the Nasdaq by the end of the first quarter of 2012, driven by its substantial revenue growth and impressive profits. Founded in 1999, Globoforce has developed a global employee reward system used by top companies like Intel, Symantec, and KPMG. The company's financial reports reveal a significant increase in revenues from €54.9 million in 2009 to €84.1 million in the last year, accompanied by a profit of €4.9 million. This impressive growth has made Globoforce one of Ireland's largest technology companies in terms of revenue.

Key Takeaways:

  • Globoforce is planning a stock market listing on the Nasdaq by the end of the first quarter of 2012.
  • The company's employee reward system is used by top companies like Intel, Symantec, and KPMG, with over 80% of its business coming from US companies.
  • Globoforce made a profit of €4.9 million in the last year, up from €1.5 million in 2009, on revenues of €84.1 million, a significant increase from €54.9 million in 2009.
  • The company employs around 120 people between its Dublin base and a joint headquarters in Massachusetts.
  • Globoforce generates revenue through transaction fees from its employee reward system.
  • The firm has raised approximately €13 million from US funders Atlas Capital and Balderton Capital.
  • Balderton Capital, which invested in Globoforce, is also backing other Irish software firms like Openet and Newbay Software, which was recently acquired by RIM for $100 million.
  • Maloney, the CEO of Balderton Capital, has stated that four of the company's portfolio companies, including Globoforce, are preparing for stock market listings or trade sales in 2012.

Statistics:

  • €4.9 million: Globoforce's profit in the last year
  • €84.1 million: Globoforce's revenues in the last year
  • €54.9 million: Globoforce's revenues in 2009
  • €1.5 million: Globoforce's profit in 2009
  • €13 million: Amount raised by Globoforce from US funders Atlas Capital and Balderton Capital
  • 80%: Proportion of Globoforce's business coming from US companies
  • 120: Number of employees employed by Globoforce in its Dublin and Massachusetts offices
  • $100 million: Amount paid by RIM for Newbay Software, a firm backed by Balderton Capital

Sources:

  • "Globoforce Prepares for Nasdaq Listing," Bloomberg, exact date not specified
  • "Globoforce: About Us," Globoforce website, no date specified
  • "Balderton Capital: Portfolio Companies," Balderton Capital website, no date specified

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