Cork-based corporate communications software company Poppulo has entered into consultation with its employees with a view to shedding 21 job in a bid to trim costs.
The Enterprise Ireland-backed company, which merged with Denver-based Four Winds Interactive in 2021, also confirmed that it plans to reduce its headcount in the US by 53 and in the UK by 11 “in response to the changing economic climate”.
In a statement, Poppulo’s chief operating officer, Sam Bufton, said: “This is a difficult decision to make, and we are very sorry to have to say goodbye to talented colleagues and friends. Our focus now is on supporting those people who are leaving us.”
Poppulo makes software that handles internal communications, including making corporate emails more engaging for employees. Formerly known as Newsweaver, the company was founded by Cork businessman Andrew O’Shaughnessy and has worked with clients including GlaxoSmithKline, Aon, Honda and CDK Global.
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Companies Registration Office filings indicate that O’Shaughnessy resigned as a director of E-Share DAC, the company behind Poppulo, in May of last year.
Four Winds, a Vista Equity Partners portfolio company, ultimately holds its stake in Poppulo through a UK entity, Smartspace Global, a company it acquired in 2020, which makes software to help employees book meeting rooms.
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Accounts filed by E-Share show that it generated turnover of more than €37 million in 2021, up from €24.4 million in 2020 due to “strong sales growth”, most of which came from outside of Europe.
The directors said they expected that growth to continue in its 2022 financial year, however, the tech industry has faced significant headwinds globally in the past 12 months
Poppulo employed an average of 307 people globally in 2021, having ramped up staffing from 248 the previous year, paying out more than €26 million in wages, salaries and social insurance costs, up from €18 million in 2020.
The company had received revenue grants from Enterprise Ireland of €978,000 since 2020.
“While the restructuring is necessary, we are optimistic for the future as the need for our products is greater than ever before,” Ms Bufton said.
“These changes will put us in an even stronger position to take advantage of the opportunities ahead for us, as we continue to deliver for our more than 4,500 customers across the globe.”
