Workday pays off for O’Toole

13 january 2013

 

A nnrai O’Toole, the IT veteran who co-founded Iona Technologies, is in line for a multimillion payday from the $2 billion (€1.65 billion) flotation of Workday, a US software company that employs 35 people in Dublin.

O’Toole is European general manager of Workday and has a small stake in the firm since selling his Dublin company Cape Clear Software to Workday in 2008. David Clarke, Cape Clear’s co-founder, is a vice-president and shareholder at Workday, and is also set for a windfall.

Workday makes human resources software for big companies and has revenues of about $300m a year. It is expected to float in October at a valuation of at least $2 billion. ACT Venture Capital, the Dublin funder, was an early backer of Cape Clear and holds a small Workday stake.