Tom O’Connor, CEO of Version 1, sat down for an exclusive conversation with The Sunday Times to discuss digital transformation, diversity and driving growth into new markets such as the US and Australia.
In an insightful interview published on 29 January 2023, Linda Daly of The Sunday Times spoke with Tom O’Connor, CEO of Version 1, about how an Irish-founded technology and digital transformation company has grown to employ more than 3,000 specialists and completed 16 acquisitions across the UK and Ireland.
Attracting the attention of more than 20 investment firms during 2022, Version 1 selected Partners Group as its majority investor to accelerate its ambitious growth strategy.
“The investment from Partners Group was a great vote of confidence in our plan, the team and our track record, but it really is all about the future. Everyone has a growth agenda, but Partners Group have it on steroids. The thing I love about private equity is they continue to challenge you to grow faster.”
Since Partners Group formally came on board in summer 2022, Version 1 has continued its acquisition strategy, adding:
- Instinctive BI
- Qubix
- Automation Logic
These businesses brought more than 350 additional employees, capabilities and specialist expertise to the company, helping support Version 1’s objective of delivering annual revenue growth of 20% or more over the next five years through a combination of organic growth and strategic acquisitions.
Version 1 now operates a dedicated and expanding acquisitions team focused on identifying further growth opportunities.
The Sunday Times also highlighted that Version 1 employs more than 3,000 people, making it Ireland’s largest Irish-founded technology employer. The company has achieved 11 consecutive years as a Great Place to Work® Best Workplace™ and was recently ranked among the UK’s top employers in Glassdoor’s 2023 Employees’ Choice Awards.
The Strength of the Digital Transformation Market
Addressing the challenges faced by many technology businesses during the recent downturn, including significant layoffs across major global technology firms, Tom shared his perspective on the resilience of the digital transformation market:
“In the market we are in, digital transformation, there is still a lot of demand. We are not immune to the chill wind of recession. If our customers start to sneeze, eventually we can catch a cold, but we are still confident about the business. When you are a public company, the market turns and the next thing you have to do is let people go. It’s one of the reasons I am glad Version 1 is not a public company. We are protected from that type of pressure.”
Driving Diversity Through Accountability
Tom also discussed one of the areas where Version 1 continues to focus its efforts: improving diversity within senior leadership.
While Version 1’s workforce represents more than 50 nationalities, Tom acknowledged that this diversity is not yet fully reflected at senior levels of the organisation. To address this, the company has introduced measurable diversity targets for business leaders.
As Tom explained:
“A couple of my managing directors have missed elements of their bonus because they didn’t hit diversity targets.”
Investing in People
The investment from Partners Group enabled Version 1 to allocate €8 million in milestone bonuses to employees. The company also launched an employee share scheme designed to reward employees if the value of the business increases over the next five years.
“Everybody who has played a part in the growth should, as a matter of principle, share in the reward.”
Looking Ahead
Having spent more than 22 years at Version 1, and with the company’s first two customers, An Post and ESB, still working with the business today, Tom remains focused on the next stage of growth.
As Version 1 expands into new international markets including the United States and Australia, he remains as committed as ever to the company’s mission and future success.
“I really enjoy what I do and what keeps me going is the fact we are doing new things and entering new markets such as the US and Australia. I’m not going anywhere.”
Read the Full Interview
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