KKR, a leading global investment firm, has signed definitive agreements to acquire a stake in Employment Hero from SEEK Investments. SEEK Growth Fund will continue to be a significant investor in Employment Hero, reinforcing its commitment to the company’s long-term growth.
Expanding Employment Management Solutions
Founded in 2014, Employment Hero is a comprehensive employment management platform providing HR, payroll, recruitment, and employee engagement tools to over 300,000 small and medium-sized businesses worldwide. The company has significantly expanded its presence in Australia, the UK, and Canada, making it a key player in the HRTech space.
Mukul Chawla, Partner and Head of Asia Pacific Growth Equity at KKR, commented on the acquisition:
“Employment Hero marks our latest technology growth investment in Australia, a key market for our growth equity strategy, and aligns with our thematic focus on SMB (small and medium business) software. We look forward to supporting the continued platformisation and international expansion of Employment Hero, which has established itself as a leader in human resources management in multiple markets including Australia, the UK, and Canada with its cloud-native and comprehensive product suite.”
Strategic Growth and Future Expansion
KKR’s investment comes as Employment Hero continues its rapid growth, including its recent acquisition of Canadian employment platform Humi and surpassing A$250 million in annual recurring revenue (ARR).
Ben Thompson, CEO and Co-Founder of Employment Hero, emphasized the company’s mission and the significance of the investment:
“Employment Hero’s mission is to make employment easier and more valuable for everyone. Over 300,000 businesses globally are using our employment operating system, helping boost job creation for local economies and GDP globally. Our recent milestone of A$250 million in annual recurring revenue also signals the growing customer demand for our Jobs, Payroll, HR and Benefits products to drive better business outcomes. KKR’s significant experience, resources and network will be extremely valuable in our efforts, particularly as we look to further develop our international footprint. We welcome KKR as a strategic partner and look forward to our close collaboration with them over the long term.”
SEEK Investments Maintains Commitment
SEEK Investments remains a strong supporter of Employment Hero’s vision and strategy. Andrew Bassat, Executive Chairman and CEO of SEEK Investments, reaffirmed their commitment:
“The SEEK Growth Fund has been a long-term investor and supporter of Employment Hero. We retain our high conviction towards Employment Hero’s strategy and outlook. We look forward to continuing our partnership with Ben and working with KKR to help Employment Hero realise its full potential.”
KKR’s Growth Equity Strategy in HRTech
KKR’s investment in Employment Hero aligns with its broader Asia Next Generation strategy, focusing on technology-driven businesses. Previous investments under this strategy include SmartHR in Japan, GrowSari in the Philippines, KiotViet in Vietnam, and Privy in Indonesia. This acquisition further strengthens KKR’s portfolio in HR technology and employment management solutions.
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