Workvivo CEO John Goulding with Zoom founder Eric Yuan
The Cork-headquartered arm of employee experience software company Workvivo last year recorded pre-tax profits of €20.7m “in a period of accelerated growth”.
New accounts show the pre-tax profit at Workvivo Ltd of €20.7m followed a pre-tax loss of €19.3m in 2023 – a positive swing of €40m.
Communications platform Zoom purchased Workvivo in a €250m deal in 2023 and revenues increased by 174pc to €69.39m in 2024 from €25.3m in the prior 13-month period.
The directors state the revenue increase was primarily driven by a €37.3m rise in intracompany turnover reflecting services provided to parent company Zoom, as part of the continued integration of Workvivo into the Zoom Workplace platform.
The directors state that third party revenues increased by 32pc in 2024 “supported by ongoing expansion among enterprise customers”.
Workvivo “is in a period of accelerated growth, has a strong sales pipeline, including some of the world’s leading brands and support from its parent company”, they state.
In February 2024, Workvivo moved its HQ office location to City Quarter, Lapps Quay, Cork while in September of last year, it moved its Dublin office location to Grand Canal Street Lower.
The directors state that during the year, Workvivo achieved several strategic milestones, including in May 2024 when it was named Meta’s only preferred migration partner as Workplace from Meta was retired.
Workvivo’s post-tax profit increased by 188pc to €16.96m “driven by the acquisition of major global brands as customers, continued product development and sustained year-on-year growth reinforcing Workvivo’s position as a leading employee experience platform”.
The company recorded the post-tax profits of €16.96m after incurring a corporation tax charge of €3.74m. The firm generated €25.88m from software subscriptions while intra-company service revenues increased tenfold from €4.09m to €41.4m.
Numbers employed increased from 127 to 165 as staff costs increased from €23.2m to €31.12m. A large portion of staff costs was €12.06m in share-based payments while salaries were marginally higher at €12.26m.
Directors’ pay increased from €328,013 to €1.496m.
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