Irish software company Teamwork has recorded a rise in revenues for 2020, but it made a loss as costs increased to fund the growth of the business.
The Software-as-a-Service (SaaS) company, founded by former EY Entrepreneur of the Year award winners Peter Coppinger and Daniel Mackey in 2007, recorded a 10.3 per cent rise in revenues last year to $29.5 million (€24.8m ).
Total costs rose 12.8 per cent to $31.5 million versus $27.9 million in 2019, resulting in a €1.6 million pre-tax loss.
Teamwork, which secured $70 million in investment from Bregal Milestone to fund further growth earlier this year, creates business management applications. The company currently has more than 20,000 paying customers across 170 countries, with clients that include Disney, Netflix, Paypal, HP, Panasonic and Spotify. Overall, the the Cork-based firm employs 280 people.
Speaking to The Irish Times, Mr Coppinger, Teamwork’s chief executive, said the company has continued to perform strongly and had “massive ambitions for 2022 and beyond”.
“We are 100 per cent focused on developing cutting edge product management solutions for client services businesses and made great progress over the past year with that.
“We also continued to add world class talent to our team throughout the year, and even though many of our customers were impact by Covid we worked closely with them through a challenging period and emerged together even stronger into 2021,” he said.