365 Version 1 Jobs Announced by An Taoiseach
CEO of Version 1 Tom O’Connor said; ‘’The announcement today of 365 new jobs is as a result of our growth over the past five years and our confidence in our ambitious growth plans over the next three years. We take a huge amount of pride in our employees and a constant focus of ours is on being a best workplace, which has seen Version 1 being named in the Top Ten Best Large Workplaces for the past six years running. I am also delighted that 40 senior managers have recently become Version 1 shareholders’’.
Version 1 creates highly advanced software systems which aim to transform the way their clients do business and address the core challenges of their day-today operations. Their business partners include Microsoft, Amazon Web Services and Oracle. Version 1 CEO Tom O’Connor describes their business as ‘’the glue that holds the economy together, managing huge numbers of day-to-day interactions such as providing insurance quotes, handling EU payments to farmers and processing motor tax payments. We develop systems that allows these kinds of processes to happen quickly and accurately’’.
Speaking at the jobs announcement today, An Taoiseach Enda Kenny said "I want to commend the ambition and drive of Version 1 who will create 365 jobs over the next three years here in Ireland. The jobs represent a vote of confidence in the strength of Ireland's business environment, our highly skilled workforce and our strong education system. The Government will continue to work tirelessly to create the right conditions for companies like Version 1. Just yesterday we announced that Ireland's unemployment has dropped even further to 6.4% from 15.2% and we aim to create 45,000 new jobs this year alone. Today's announcement contributes to that and I want to thank outgoing CEO Justin Keatinge and incoming CEO Tom O'Connor for their continued efforts and belief in Ireland."
The Version 1 jobs announced comes as Version 1 is currently expanding into the UK and Europe following rapid growth over the past five years. Since 2014, the company has created close to 200 extra jobs in Dublin and doubled its workforce to over 850 employees in Ireland and the UK. Version 1 now has offices in Belfast, Dublin, Cork, Edinburgh, Birmingham, Manchester and London. This year Version 1 will generate revenues of over €100m for the first time.
The company has expanded rapidly through organic and acquisitive growth since 2014, acquiring several large companies to expand its market share in the UK. It acquired the Rocela Group in January 2014, Patech Solutions in November 2014 and BMS Software in October 2016.
Version 1 is now embarking on its next phase of growth which will see it target more substantial acquisitions while also looking to the European market. The company intends to double again in size in the next five years.
Version 1’s next phase of growth is driven by a recently announced €90m investment by London-based investment firm Volpi Capital, who specialise in partnering with ambitious management teams in growth companies to assist them to achieve and accelerate their international growth plans. This will be Volpi’s first investment in an Irish company and its largest investment to date.
The investment will see all of the original shareholders stay on with the exception of its first round investor, Development Capital, who have successfully exited as part of this deal, two years earlier than originally anticipated with a 250% return on their original investment. This round of investment will also see 40 senior managers become shareholders. Founders Justin Keatinge and John Mullen will remain as Board members with Tom O’Connor taking up the role of CEO.