Workvivo, the Cork-based tech firm that was acquired by Zoom in a €200m deal, is embarking on a beta integration trial with Zoom’s desktop tool.
According to the recently-filed accounts, Workvivo, co-founded by John Goulding and Joe Lennon, experienced significant growth in its annual recurring revenue (ARR), surpassing €13m. This was driven by a more than 100% increase in software subscriptions, amounting to nearly €9m.
The company stated that its losses were anticipated due to substantial investments in platform development, sales, and marketing activities.
In an interview with the Irish Independent, Workvivo CEO John Goulding expressed confidence in the company’s growth momentum for 2023 and confirmed his commitment, along with co-founder Joe Lennon, to continue leading the company.
Goulding mentioned that Zoom’s founder and CEO, Eric Yuan, requested them to maintain their operations as a separate business unit and offered assurance of continuing support. Workvivo plans to offer its product as a standalone solution and also integrate with Zoom.
Workvivo boasts renowned customers such as Bupa, Morgan McKinley, Telus International, Dollar General, Amazon, Ryanair, Liberty Mutual, and Wynn Resorts. The company’s platform provides access to various workplace tools, including HR, CRM, and productivity tools. It competes with Microsoft Viva, Facebook Workspaces, and other employee portal services.
Workvivo raised €36m in funding from two separate venture capital rounds, with Tiger Global as the majority investor. Frontline, a local Irish VC firm, and Zoom’s founder Eric Yuan, along with Enterprise Ireland, were also previous investors.
The acquisition offer from Zoom came as a surprise to Goulding and Lennon, who had been on the verge of finalizing a significant investment. They considered it a tremendous opportunity and willingly accepted the deal.
Workvivo’s main office remains in Cork, with additional employment hubs in Dublin and London.
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