More than 45 jobs at risk as Cork software firm Teamwork announces redundancies

The firm said redundancies were necessary to support its "refreshed position in the marketplace."

Peter Coppinger, co-founder and CEO of Teamwork. Pic: Brian Lougheed

Cork-founded software company Teamwork has announced more than 45 jobs at risk of redundancy across its operations as the firm grapples with "market and economic conditions" amid a global tech downturn.

The Blackpool-headquartered firm confirmed to the Irish Examiner that 46 roles have been identified across the business and across multiple locations which are at risk of redundancy, 17 of which are based in Ireland.

Teamwork said it has entered a formal consultation period with staff members affected in the UK and Ireland, with the restructuring aimed at supporting the company's "refreshed position in the marketplace."

Founded in 2007 by Peter Coppinger and Daniel Mackey, Teamwork provides project management software to companies and teams, operating across 183 countries with six office locations worldwide. 

With more than 4m users globally, the company employs around 350 people, with the recently announced redundancies impacting around 13% of its total workforce.

The company is the latest tech firm to cut staff as economic headwinds continue to impact the global tech sector.

Teamwork joins a running list of tech firms across Ireland to announce redundancies, following cuts across Meta, Twitter, Accenture, Salesforce, Google, Microsoft and more.

"It has been a difficult couple of years for the Tech/SaaS sector, and there is still uncertainty in the market," said chief executive, Peter Coppinger. 

"No one ever wants to be in this position, however as the market changes, we must adapt to – we are determined to continue to grow and to do that, sometimes difficult decisions like this must be made”.

In 2021, Teamwork secured its first-ever investment of $70m (€65.3m) from European growth capital firm, Bregal Milestone.

Speaking at the time, the company said the investment, which was its first source of external funding since its inception, would "accelerate growth" and bring its "strategic vision to fruition."

In its most recent financial statement filed to the Company Registrations Office, Teamwork reported a turnover in excess of $33m (€30.8m), ending the financial year with a loss of $7.46m (€6.96m).

In 2018, Teamwork was awarded Cork Chamber’s Large Company of the Year, with the firm's co-founders, Mr Coppinger and Mr Mackey being awarded EYs overall Entrepreneur of the Year just a short while after.

"We are naturally saddened that we are consulting with colleagues and realise that this will be a difficult period for those impacted by the proposed changes, but we believe they are in the long-term interests of operating a sustainable business," added co-founder and CTO, Daniel Mackey.