Guidewire’s Irish subsidiary sees turnover rise

The Irish subsidiary of Guidewire, a US firm that develops software for the insurance industry, saw turnover rise by 40 per cent in the year to the end of July 2015.

The firm, which employs about 160 staff at its Blanchardstown offices, announced plans to create 80 additional jobs at its Dublin operation early last year.

Despite revenues rising to €17.7 million from €12.6 million, the group recorded a 10 per cent decline in pretax profits to €897,171. Operating profits rose by 37 per cent to €3.4 million, from €2.5 million a year earlier.

Guidewire build core applications that insurance companies use to sell policies, settle claims and bill their customers.

Founded by Marcus Ryu, John Seybold, Mark Shaw, John Raguin, James Kwak and Ken Branson in August 2001, the California-headquartered company has had an operation in Dublin since 2011.

Guidewire raised $100 million in 2012 when it floated on the New York Stock Exchange, in what was cited as one of the top IPOs of the year.

The company had 163 employees in Ireland at the end of July 2015, up from 113 a year earlier. Employment costs, including wages and salaries, rose from €6.6 million to €8.9 million.