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Dublin: 11 °C Saturday 1 November, 2014

Major Irish IPO off the table

Dublin-based firm pulls plans to raise up to €57m from NASDAQ.

Enda Kenny signs his autograph after ringing the NASDAQ opening bell for the first time in Ireland last year.
Enda Kenny signs his autograph after ringing the NASDAQ opening bell for the first time in Ireland last year.
Image: Brian Lawless/PA Wire/PA Images

IRISH SOFTWARE COMPANY Globoforce has postponed plans to run an initial public offering on the US NASDAQ market.

The company had already scaled down plans to raise up to €57m ($79m) by reducing its offering and the price on its shares, but pulled the whole scheme earlier today.

Chief executive Eric Mosley insisted that Globoforce planned to return to its IPO, which would have been among the largest Irish share bonanzas in recent years, at a later date.

Despite receiving overwhelming interest in our initial public offering, we have decided to postpone our offering until market conditions are more favourable for our company and our customers.

Globoforce makes software that allows companies to monitor and reward employee performance. It has 240 employees worldwide. Founded in 1999, the company booked €135m ($187m) in sales last year.

Mosley said that company strategy and goals remained the same.

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