HubSpot’s Irish unit records big surge in full-year revenues
Losses widen to €3.26m at subsidiary of US marketing software company
HubSpot has more than 48,000 customers in over 100 countries
The Irish subsidiary of US marketing software company HubSpot, which employs more than 500 people locally, recorded a surge in revenues last year.
Newly filed accounts for HubSpot Ireland Ltd showed that turnover jumped from €42.7 million in 2016 to €70.6 million in 2017 on the back of a big rise in subscriptions. The company has reported dramatic growth in recent years with revenues standing at just €10.5 million in 2014.
A breakdown of revenues at its Irish unit shows subscription income jumped from €35.7 million to €59 million last year. It also recorded €8.3 million from intercompany revenues and a further €3.2 million from professional service fees.
The company, which recorded a €3.15 million loss in 2016 linked to recruitment-related administrative expenses, reported a widening of pretax losses to €3.26 million. Administration expenses rose from €34.2 million to €53.6 million in 2017.
HubSpot, which was founded by Brian Halligan and Dharmesh Shan in June 2006 at Massachusetts Institute of Technology, has more than 48,000 customers in over 100 countries.
The company recently introduced a new product line called Service Hub, which was developed in Dublin. The introduction of the new solution saw HubSpot, which previously provided a range of customer relationship management, and sales and marketing tools, expanding into the customer service space.
HubSpot employed 336 people at the end of 2017, up from 214 a year earlier. Staff-related costs rose from €22 million to €36.6 million.