Shiftee, a leading South Korean HR SaaS company, has officially been acquired by Skylake Equity Partners, one of the country’s largest private equity firms, for $280 million. As part of the acquisition, Shiftee has undergone a significant corporate restructuring, separating from its former parent company, BusinessOn, to operate independently. This marks a pivotal moment in Shiftee’s journey, just two years after its strategic merger with BusinessOn in 2022.
Founded in 2017, Shiftee quickly established itself as a dominant player in the South Korean HR software-as-a-service market. Achieving break-even within just three years, the company has consistently set new revenue records, with its strategic M&A playing a key role in driving its parent company’s top-line growth. With the recent acquisition by Skylake, Shiftee is now positioned to capitalize on its growth potential under its independent leadership.
Details of the Acquisition and Restructuring
- $280 Million Acquisition: Skylake Equity Partners now owns Shiftee, valuing its future growth potential.
- Corporate Restructuring: Shiftee has separated from BusinessOn, transitioning to independent operations.
- CEO Leadership: Shin Seung-won, Shiftee’s founder and CEO, will continue to lead the company while holding a 25% equity stake.
- Remarkable Growth: In 2024, Shiftee doubled its revenue, tripled operating profit, and reached an operating margin of 75%, highlighting its impressive performance and scalability.
Shiftee’s Continued Expansion and Global Reach
With more than 300,000 businesses using Shiftee’s innovative HR solutions, including major South Korean enterprises like SK, Hyundai, Lotte, Kakao, and Hanwha, the company is now expanding its reach into international markets. Notably, Shiftee is gaining traction in Taiwan, Singapore, and the Philippines, as a growing number of companies, especially those with domestic headquarters and overseas subsidiaries, seek unified HR solutions for managing their workforce.
CEO Shin Seung-won emphasized the importance of seamless and integrated HR systems for global companies:
“For global companies, building a seamless and integrated HR system is essential for workforce management.” He further stated, “Based on our strong domestic growth, we aim to address the workforce management challenges faced by Asian companies.”
A Bright Future for Shiftee
The strategic acquisition by Skylake Equity Partners and Shiftee’s shift to independent management set the stage for the company to refine its solutions further and expand its market presence in 2025 and beyond. With its remarkable growth in 2024 and an increasingly global customer base, Shiftee is poised to strengthen its position as a leading player in the HR SaaS market across Asia and internationally.
