With annual revenues expected to exceed $12mn and no outside investors, successful Irish software company, TeamworkPM, has reinvesting profits into a brand relaunch as ‘Teamwork.com’, with the acquisition of the domain name for a staggering $675,000.
The last 12 months have seen phenomenal growth for the Cork-based software company, with turnover nearly doubling. Their existing product, ‘TeamworkPM’ is used by over 20,000 companies in over 147 countries worldwide to manage projects and streamline day-to-day operations. However, the latest acquisition should catapult the company to new heights, with sales set to exceed $12mn by the end of 2015.
Peter Coppinger, co-founder and CEO, said it has been a long time in the pipeline and is delighted to finally see it come to fruition: “Negotiations took over two years and this is the first time that the domain ‘teamwork.com’ will actually be used, having remained dormant since it was acquired by the original owner in 1999. The purchase of Teamwork.com was one of the biggest domain sales worldwide last year and we believe it to be one of the most expensive ever purchased by an Irish company. We are 100% confident that the investment will pay for itself in no time as we expand our product range and improve marketing under the new brand.”
Welcoming the announcement, Minister for Research and Innovation, Seán Sherlock TD said: “Web 2.0 Start-Up businesses are recognised as a key driver of growth and job creation in the economy. TeamworkPM represents best in class among this sector, blending their exceptional technical skills and creativity with new business models enabled by the cloud and SaaS. The acquisition of teamwork.com marks a new phase for the company and I wish the team continued success.”
TeamworkPM was profitable from its early days while the team concentrated on the product’s development, financing everything from the product’s revenues. Now, fully confident that they offer one of the world’s most feature rich online applications, they see the acquisition of Teamwork.com as the stepping stone to announce themselves to wider audience.
Commenting on their plans behind the acquisition, Coppinger said: “Under our new ‘dot com’ domain, Teamwork will continue to develop the world’s leading suite of SaaS business products that will integrate seamlessly with Teamwork’s existing project management software; but can also act as stand-alone programmes. The suite, which will differentiate Teamwork.com from its competitors, and will include our new approach to customer support, book keeping and CRM (customer relationship management) applications.
“For us, the acquisition’s contribution in terms of branding is undoubtedly beyond measure. For our company, there was simply no other name that could so appropriately fit in without losing continuity with our products, other than Teamwork.com.”
The acquisition will see the entire company re-branded and officially launched as ‘Teamwork.com’ at an exclusive launch party in The Guinness Storehouse’s Gravity Bar on January 23rd.