Overstock invests €1m in Irish R&D centre

US e-commerce giant Overstock has revealed plans to invest €1m in a new R&D centre in Sligo.

The company also revealed that it is on track to make its 100th hire before the year’s end.

The focus of the new R&D lab will be machine learning and blockchain.

“Our Irish team has been instrumental in many of our technological innovations over the years, including advancements in machine learning, augmented reality, and blockchain applications”

Overstock is a billion-dollar online retail shopping site and technology company founded in 1999 in Utah. In 2014, Overstock founded Medici Ventures its wholly-owned blockchain subsidiary focused on introducing blockchain technology to existing markets to democratise capital, eliminate middlemen, and re-humanise commerce.

The West is awake

The company last year announced the creation of 100 new technology jobs including senior roles in areas such as software development and testing, machine learning, and data analytics.

It now has more than 80 technologists working in Sligo and is on target to recruit another 20 staff before the end of the year. The company has been successful in underlining the affordable cost of living and lifestyle options in the North West along with attractive career progression opportunities.

Overstock has invested €1 million in making the move to the Westgate tech campus in the IDA’s business park in Finisklin, Sligo town.

The new facility was officially opened yesterday (10 October) by Leo Clancy, head of Technology for IDA Ireland with Overstock’s president of Retail Dave Nielsen, chief administrative officer Carter Lee, and Irish-based vice-president and site lead David Kenny.

“We’re absolutely delighted with our new home and getting all our teams back under one roof. It further validates Overstock’s choice of the North West as a great place to do business and build high performance software development teams,” Kenny said.. The combination of a diverse career path, a cutting edge tech environment and a great work life balance has really resonated with the techies who continue to join our growing team.”

The CEO of Overstock Jonathan Johnson added: “When we opened our Ireland office in 2013, we knew there was something special with the tech environment of Sligo. Our Irish team has been instrumental in many of our technological innovations over the years,including advancements in machine learning, augmented reality, and blockchain applications. It’s great to open the doors to a new campus the team can grow and call home.”

Leo Clancy, global head of Technology, Consumer, Business Services at IDA Ireland welcomed Overstock’s move into the Westgate building and its success in attracting technology talent to the North West.

“IDA Ireland focuses on winning investments all across Ireland and the North West has a huge amount to offer companies. It is great to see an online leader like Overstock investing in Sligo and creating very highly skilled technology roles. This expansion clearly illustrates the talented workforce available here and we really value the significant investment and continued partnership with Overstock.”

Main picture (from left): John Nugent, Manager, Business & Relationship Development, Border Region at IDA Ireland; Overstock’s President of Retail Dave Nielsen; Irish-based Vice-president and Site Lead David Kenny; Lucia Macari, Overstock Senior Team Leader, and Chief Administrative Officer Carter Lee.

Written by John Kennedy (john.kennedy3@boi.com)

Published: 11 October, 2019