Kargo, a US advertising technology company with offices around the world, has chosen Waterford as its European research and development hub.
For founder Harry Kargman the decision was an easy one to make.
Kargo is a mobile-first advertising company that creates campaigns for some of the world’s best-known brands. Two years ago, it acquired StitcherAds, a Waterford-based social commerce startup, for US$64 million.
Kargo’s technology already enabled marketers to buy ads on the websites of hundreds of publishers. StitcherAds’ technology allowed it to do so across Facebook, Instagram and TikTok too. As such it was a marriage made in ad-tech heaven.
“We put the art in advertising. We build and develop super high impact, beautiful and high performing ads seen at scale in hundreds of millions of impressions across the internet,” Kargman explains.
Invested in Waterford
Kargo was set up in 2003 and today employs 550 people at its New York HQ and across its offices in Australia, New Zealand, Spain and the UK.
In acquiring StitcherAds Kargman gained a top tier, 50-strong engineering team, which has since grown to 80. He also gained his first experience of Waterford.
“I now go over multiple times a year,” says Kargman, who has secured a visa under the government’s Immigrant Investor Programme (IIP).
Though Kargo is set to open offices in France and Germany too, Waterford will remain its European R&D centre. Waterford presents a perfect opportunity for Kargo to recruit international talent as it expands its global capabilities.
“In Europe, Ireland is home. We have broad ambitions to scale. To do that we need to attract and grow a larger talent base, and Waterford has the South East Technological University,” he explains.
Today Kargo’s engineers in Waterford develop cutting-edge artificial intelligence and machine learning solutions which support Kargo’s “creative science” approach to digital advertising, which brings data, Ai and technology together with creativity to deliver advanced advertising solutions for brands.
For those looking to build a career in what he calls “creative science,” it has quickly become an employer of choice. “Creating a great employee experience is at the heart of what we do, and is what gives us competitive advantage,” he says.
Great quality of life
When you’re growing fast it helps to be located in a place that offers employees a good work life balance, with short commutes and affordable housing.
“It’s a great place to live.”, he says.
Not alone does Ireland’s oldest city have a rich and varied cultural heritage but the cost of living is estimated to be one third lower than that in the greater Dublin region.
For employers, another boon is the fact that the south east region is one of the fastest growing in the EU. Currently around 600,000 live within a 60-minute catchment of Waterford city. By 2040 that figure is predicted to rise to 800,000.
It has a deep-water port at Belview, connecting it to global shipping hubs and providing access to American and Asian markets. Rosslare’s Ro-Ro container port is an hour’s drive away, providing regular routes to the UK and Europe. There is good road access to airports in both Dublin and Cork too.
Kargman credits the IDA and Waterford City and County Council with providing enormous support. Part of this is an IDA grant that will help Kargo deliver a €10million research, development and innovation (RD&I) investment into the region that will result in 25 new jobs and related services over the next three years. Ultimately Harry’s plan is “to build the leading AI for creative science team in Europe” in Waterford.
Location of choice
In the war for talent South East Technological University is playing a pivotal role. “Not alone does it develop a flow of degree and post graduate degree holders but it works closely with enterprise,” he says.
A mix of hybrid working and affordable housing is helping to fuel the arrival, and in many cases return, of people to Waterford post pandemic, which is also helping to deepen the talent pool.
Between 2016 and 2022 Waterford city’s population grew by 12 per cent. That compares with six per cent in Dublin city, and five per cent in Cork.
This availability of talent is a major factor in business investment decisions.
“Generally businesses like to cluster too and Waterford now has a nice cluster of med tech and pharma companies. Waterford is also home to a burgeoning tech cluster, with the region supporting over 6,000 employees. Companies such as Red Hat, NearForm and Immersive VR Education have attained global success in their respective sectors,” says Walsh.
Clusters in turn make it easier attract more talent, a virtuous circle from which Waterford is now benefiting.
“It’s easier for people to come to a place when there’s a quantum of opportunity for career progression,” he explains.
Waterford is home to the Walton Institute, a top ICT research and development centre, and Arc Labs, an incubation centre for entrepreneurs, both of which are located in the idyllic setting of South East Technological University’s West Campus at Carriganore.
“We also have almost all the services of a big city without all the hassles, like traffic congestion,” he adds. This is despite the fact that some 150,000 people live within a 20-minute drive of Waterford city.
As well as cheaper residential and commercial property, both of which provide a competitive advantage, the city is enjoying significant development.
The redevelopment of its North Quays, for example, will include a new train station, transport hub and a sustainable transport bridge to connect the area to heart of the city centre.
All in all, it makes for an increasingly attractive investment proposition. “There are lots of positive things happening in Waterford right now,” says Walsh.
Echoing his statement, Martin Corkery, Regional Director with Enterprise Ireland, says, “Companies backed by Enterprise Ireland (EI) in Waterford employ over 7,500 people and created a net total of 589 new jobs during 2022, representing a nine per cent increase on the previous year’s figure.
The tech industry is performing exceptionally well in Waterford and the support network, talent pipeline and infrastructural investments are all factors in that success.”
Read more here if you think your company wants to make the move to Co Waterford