A mammoth funding round for Qualtrics should prove positive for the Dublin tech sector, as the rapid-growth Utah firm pledges to add hundreds of people to its Irish workforce.
The enterprise survey provider raised $180 million from private equity backers, lifting its valuation to $2.5 billion and increasing the likelihood it will float on the stock market later this year.
Qualtrics also confirmed its big expansion plans for its European headquarters, which arrived in Dublin in 2013 and currently employs over 250 people at One Clarendon Row.
Dermot Costello, chairman of European operations, told the Irish Independent that it intended to employ "hundreds more people in Dublin" and that it had "complete confidence that we'll be able to keep growing" in the country.
Smith with Taoiseach Enda Kenny. Picture by: Niall Carson/PA Archive/PA Images
Smith said that Qualtrics was having "a phenomenal time" in terms of its European operations, and the company is looking to open in Paris, having already put down roots in London and Munich.
Chief executive Ryan Smith – who founded Qualtrics in 2002 with his brother Jared – also told the newspaper that his company was "really focused on the post IPO years", noting that it was important to ensure it was "set up for that acceleration" after a flotation.
Qualtrics launched its XM Platform in recent weeks, a unique offering that Qualtrics hopes will revolutionise the experience management industry.
The company is a market leader in providing technology that helps companies gain understanding of the customer and employee.
Enterprises, academic institutes, government agencies and DIY researchers use it for market research, academic research and employee performance feedback.
Smith said in a statement:
"We have a lot of great momentum right now with the launch of the XM Platform. I could not be more proud of the team we have put together. This raise is a great step forward for everyone involved. Our investors doubling down is a huge sign of their confidence in the team and the amazing growth ahead of us with experience management."
In other Irish employment news, the Dundalk-based Diaceutics has confirmed its plans to create 30 new jobs.
The positions, to be filled by the end of next year, will be based across its operations in Ireland, the United States, Asia and South America.
Chief executive Peter Keeling said of the roles on offer:
"The types of people that come on to the team are highly-skilled, whether they be pathologists, clinical scientists, researchers, analysts... And of course [for] big data – people who are comfortable handling very, very large data sets and integrating that and analysing that."
Diaceutics has been involved in more than 200 drug launches with major pharmaceutical companies across the world, as its revenue surged 60% year-on-year over the past three years. The medtech firm expects the market to triple by 2020.
