PageUp Group, a human resources and talent software company previously majority-owned by Battery Ventures, has been acquired by EQT Group, a global investment firm. This acquisition marks a significant milestone for PageUp, co-founded by entrepreneur Karen Cariss, as it continues its trajectory in the HR sector.
Background on Battery Ventures
Battery Ventures first invested in PageUp in 2018, helping the company scale into a prominent player in the HR technology space. The firm pursued a disciplined growth strategy, facilitating three key add-on acquisitions that contributed to the company’s expansion. Under Battery’s ownership, PageUp’s annual recurring revenue more than tripled, showcasing substantial growth.
Leadership Transition and Growth
Battery Ventures played a pivotal role in facilitating the transition to a new global CEO, Mark Rice, and CFO, Gokhan Turgut. Their leadership has been instrumental in driving the company’s growth and expansion. Battery General Partner Chelsea Stoner expressed excitement about PageUp’s new chapter with EQT, emphasizing how outside investment can enable bootstrapped software businesses to scale effectively.
Global Expansion and Customer Base
PageUp has significantly expanded its global footprint, with a majority of its customers and revenue now generated outside Australia, particularly in the U.S. and U.K. The company is recognized as a leading provider of talent and recruiting software for major universities in the U.S., serving over 130 higher education institutions, including Drexel University, George Mason University, and the University of Toledo.
Industry Focus and Specialization
In addition to higher education, PageUp offers its talent acquisition, recruitment marketing, and talent management products across various sectors with heightened regulatory and audit requirements, such as government and healthcare. Battery’s Principal Dillon Joyce highlighted the company’s customer-centric approach and industry specialization as key factors in its success.
Vision for the Future
CEO Mark Rice expressed pride in the achievements of the PageUp team alongside Battery Ventures. He emphasized the company’s commitment to ongoing investment in product innovation and customer service, positioning PageUp for accelerated growth in its target markets and beyond.
The acquisition by EQT Group signifies a new growth chapter for PageUp, enhancing its capabilities and reach within the HR technology sector. As the company continues to innovate and expand, its focus on customer needs and industry specialization will remain critical to its success in the evolving marketplace.
