Teamwork sees €14.5m boost amid big hiring spree

Company co-founder Peter Coppinger told the Sunday Independent that securing the domain in 2013 was "the best thing we ever did" and that the company is on track to record €14.5m in revenue this year.

Teamwork, which was set up by Coppinger and co-founder Dan Mackey in 2007, recently announced a recruitment drive for 50 people, bringing the software firm's numbers up to 120. The company, whose clients include Disney, HP, Paypal and Spotify, has opened a new €5m office complex in Cork in a bid to attract engineers and developers.

Coppinger said that the company does not need any external funding to expand.

"We have millions in the bank," he said. "We've always been fairly safe about our finances. We're self-funding the building, which is a €2m fit-out and €3m in rental over 10 years. We could have taken that money out and split the €2.5m each and called it a day. But we're not in this to flip it.

"We don't want to be bought by Microsoft or whoever. We want to be get to €100m in annual revenue and we're doing about €14.5m this year. I feel that we're at a tipping point now, that when we add salespeople next year and launch our new product, we may easily double the company next year and double it again after that."

However, Coppinger said that the company needs to urgently hire more engineers.

"Our biggest pain point is people," he said. "We need to get more engineers in. Every day we don't have more engineers is literally costing us more money."

Coppinger and Mackey have launched a website, escapetocork.ie, to try to persuade Dublin-based engineers to relocate to Cork.