Will Goodbody - Business Editor - RTE
Workhuman, the HR technology firm, has become the latest Irish tech firm to reach so-called unicorn status, with a valuation of $1.2 billion.
A unicorn is a privately held startup company valued at over $1 billion.
The milestone was reached as existing shareholders in the company sold a minority stake in the business to a UK based alternative asset management firm.
Details of the transaction have not been made public, but it is understood that Intermediate Capital Group (ICG) bought a 10% share in Workhuman for $120m.
"We are excited to welcome ICG as a strategic investor, while providing liquidity to some of Workhuman's earliest supporters," said Eric Mosley, Workhuman co-founder and CEO.
"ICG's support helps put us on a great path forward as we get ready for the next phase of Workhuman's growth," he added.
The recent share sale involved a highly competitive process according to Workhuman.
Originally known as Globoforce, Workhuman was founded in Dublin in 1999 by Eric Mosley and Eddie Reynolds.
But it is now co-headquartered in both Dublin and Framingham, Massachusetts after it moved part of its operations to the US over a decade ago.
The company says that over five million employees across 160 countries use its platform.
It claims to be the world's fastest-growing "social recognition and continuous performance management platform", and develops technology that makes "employees feel more appreciated and socially connected at work."
LinkedIn, Procter & Gamble and Cisco are among the company's clients.
"If the Covid-19 pandemic has taught us anything, it's that we all need human connection," said Mr Mosley.
"Our continued double-digit growth and ongoing business momentum is a sign that organisations are craving a way to build better relationships and foster trust with their employees, no matter where they are," he added.
London-based ICG is over 30 years old and manages around €45 billion of assets.
Workhuman follows other tech firms with Irish founders, such as Stripe and Intercom, to reach a unicorn level valuation.
In 2014 it pulled a planned IPO citing unfavourable market conditions.