Pipedrive goes into black in 2019 for first time ({{contentCtrl.commentsTotal}})

Interior of Pipedrive's Tallinn office.
Interior of Pipedrive's Tallinn office. Source: Pipedrive

Estonian customer relationship management (CRM) software provider Pipedrive saw a 150 percent rise in revenue in 2019 to €50 million, going into the black for the first time, with a declared profit of €2.4 million, the company says in its recent annual report.

Pipedrive also saw growth in payroll of around 20 percent in 2019, and employs a little under 400 people in its offices in Tallinn and Tartu.

These were joined by new offices in Dublin, Ireland and in St. Petersburg, Florida, and a preliminary agreement for a new office in Tartu.

In the coming months, the company also plans to open an office in Germany.

Wage costs, inclusive of social taxes, totaled around €20 million for 2019, the company says.

Pipedrive says it expanded its customer base in 2019, with the view to boosting averagae turnover per customer and increasing market share, particularly with larger companies.

To achieve this, the company says it launched four new products, including an artificial intelligence (AI)-based sales assistant product, and new solutions for automating work processes, as well as building on integration between its products and third-party software.

Pipedrive was founded 10 years ago by Timo Rein, Urmas Purde, Ragnar Sass, Martin Henk and Martin Tajur, and is used by more than 90,000 companies in more than 150 countries, the company says.

In addition to its Estonian, Irish and Florida offices, it also has premises in London, Lisbon, Prague, Riga and New York.

The company had to make a little over a dozen lay-offs in Estonia earlier this year.

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Editor: Andrew Whyte

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