Technology company Teamwork is to create 85 new jobs in Belfast as part of a €3.5 million investment .

The announcement comes as the Cork-headquartered software-as-a-service company, said it is also investing a further €1.06 million in new offices in the North.

Founded in 2007 by Peter Coppinger and Daniel Mackey, Teamwork has developed a suite of business management applications to help teams around the world be more efficient and organised.

The company counts many bluechip companies among its clients, including Disney, Netflix and Spotify. It has about 22,000 paying customers and employs more than 250 people, the vast majority of these based in Cork.

Teamwork opened its Belfast office less than a year ago. It currently employs 27 people, mainly across software development and customer support, but is now looking to increase staff numbers by a further 85.

‘Brilliant’ team

Mr Mackey, the company’s chief technology officer, said he had been impressed with the Belfast’s team’s work on developing Teamwork Spaces, a new document management product and the first of its solutions to be developed outside Cork.

“The talent is brilliant in Belfast and we’re definitely intending to develop another product up there based on how well it worked developing Teamwork Spaces,” said Mr Mackey.

“With the two universities in the North, the talent pool for developers alone is unbelievable,” he added.

Mr Mackey said the company was investing $1.2 million in new offices in Belfast, having recently signed a lease to move into the landmark Laganview House building on the corner of Ann Street and Oxford Street.

The company is also intending to expand its presence in Boston, where it opened an office last year.

Teamwork, whose founders last year scooped the overall EY Entrepreneur of the Year award, is targeting annual revenue of $50 million by the end of 2021, with the ultimate goal of hitting $450 million in annual recurring revenue within a decade.

The company was projecting sales of about $25 million for 2018.

Mr Mackey said the fifth product in the Teamwork suite would be released later this year.