Non-shareholders of Irish version 1 digital transformation company will share in an €8 million ‘milestone bonus’ after completing a transaction to sell a majority stake in the company to Switzerland-based Partners Group, which will value the company at around EUR 800m.
The deal was announced in April and is expected to close in July.
The company employs 2,229 people – 760 in Dublin, 80 in Cork and 477 in Belfast, with the rest abroad. CEO Tom O’Connor outlined the company’s ambitious growth plans, which aims to more than triple sales by 2026 from around 200 million euros in 2021.
The company expects to add another 1,300 jobs through organic growth through 2026, while M&A activity will also add headcount.
The company has a number of employee incentives and all employees will become shareholders in the company after the Partners Group deal, which saw previous investor Volpi Capital exit the business.
“We are building it institutionally because everyone will be shareholders at this stage of our growth. Everyone will share,” O’Connor said.
The milestone bonus is intended to mark the 25th anniversary and the achievement of the 2,000 employee mark.
“I believe in stakeholder capitalism,” he told the Sunday independent.
“It’s not just about the CEO cult or about one, two or three people. It’s about everyone. We have about €8 million set aside to give all non-shareholders a bonus based on their tenure.
“We also do profit-sharing, where more than 20 percent of our profits go to our employees each quarter based on their performance and the performance of the company.”
During Volpi’s time in Version 1, the private equity firm owned around 70 percent, with management and employees owning 30 percent. The split under Partners Group is similar, although the composition of employee shareholders has changed.
Version 1 has tripled in size since Volpi took over its majority stake from its founders in 2017.
https://www.independent.ie/business/irish/staff-at-version-1-to-share-in-8m-bonus-following-sale-of-majority-stake-41787975.html Version 1 employees will participate in the €8 million bonus after the majority stake has been sold