Irish software business Globoforce has pulled its planned IPO, citing unfavourable market conditions.
The company, which specialises in employee reward and incentive systems, has a valuation of €400 million.
It had been planning to list on the Nasdaq.
However, chief executive Eric Mosley said last night the company had chosen to defer its planned flotation.
“Despite receiving overwhelming interest in our initial public offering, we have decided to postpone our offering until market conditions are more favourable for our company and our customers,” he said.
“Our growth objectives and market opportunity remain the same. Our goal hasn’t changed. We remain committed to extending our leadership position in the social recognition market and look forward to the months ahead.”
Found in Dublin in 1999, the company boasts an 80-strong client list, which includes GE, Procter & Gamble, Symantec, Thomson Reuters and JetBlue.
The company is co-headquartered in Park West in Dublin 12 and Southborough, Massachusetts.
It filed paperwork for an initial IPO with the Securities and Exchange Commission (SEC) in the US in February last year.
