PageUp will leverage EQT’s expertise to accelerate international expansion and drive product innovation in talent management software.

EQT’s investment builds on PageUp’s strong track record of expansion through organic growth and strategic acquisitions.

The partnership reinforces EQT’s commitment to supporting high-growth software businesses in Asia Pacific and international markets.

EQT and PageUp Group today announced that EQT, a purpose-driven global investment organization, has acquired Australian-founded PageUp, a global leader in SaaS talent acquisition, recruitment marketing, and talent management solutionsfrom existing majority owners, Battery Ventures.

The deal will enable PageUp to leverage EQT’s deep expertise in scaling high-growth global technology businesses to capture greater opportunities in the talent management software space, accelerate its international expansion, and enhance product innovation.

Founded in 1997, PageUp now delivers its cutting-edge talent acquisition and recruitment marketing software to top-tier corporates, universities, hospitals, and public-sector customers worldwide via offices in Australia, North America, and Europe. PageUp’s product suite powers the end-to-end talent management of global brands such as Flight Centre Travel Group, Ramsay Healthcare Australia, Bank of Ireland, Boston Medical Centre, and University of North Texas Systems.

EQT’s investment, through its BPEA Fund VIII (“EQT Private Capital Asia”), builds on PageUp’s operating momentum in achieving substantial organic and acquisition-led growth in recent years. This has included the acquisitions of Clinch in 2019 and eArcu and PathMotion in 2021. With EQT’s investment and strategic backing, PageUp will accelerate its expansion into priority international markets and deepen its offering in key sectors and verticals.

PageUp represents EQT’s latest investment in the Human Capital Management (“HCM”) software sector, which it views as an attractive and dynamic segment as HR professionals leverage technology to meet the challenges of attracting and retaining an evolving global workforce. PageUp adds to EQT’s global portfolio of investments in HCM software businesses across strategies, which includes Peakon, Unmind, Hume, Sana Labs, and HRBrain.

The investment further builds on EQT’s experience supporting market-leading Asia Pacific-based software businesses to capture global market opportunities. EQT will work with PageUp to construct a board of HR technology veterans from members of EQT’s industrial advisor network, pursue targeted inorganic growth opportunities in key markets worldwide, and accelerate the company’s AI product roadmap with help from EQT Digital.

Nicholas Macksey, Partner in the EQT Private Capital Asia advisory team, said: “PageUp’s impressive track record of innovation and growth makes it a standout leader in the talent management space. We are excited to partner with PageUp at this defining moment for the company. We look forward to leveraging EQT’s global reach and sector expertise to accelerate PageUp’s international expansion and amplify its product innovation, particularly in dynamic, high-growth markets. As the human capital management landscape rapidly evolves, we are committed to helping PageUp unlock new opportunities for its clients worldwide. This investment reinforces EQT’s strength in supporting software businesses that align with our core investment themes, allowing us to apply our deep expertise to foster innovation and drive impact in key industries.”

Following the successful completion of the transaction, Mark Rice has announced his intention to retire as CEO of PageUp. Over 13 years (initially as COO/CFO and as CEO for the last six years), Mark has led the Group’s dynamic and profitable growth and driven its international expansion both organically and through several successful acquisitions.

Commenting on the successful acquisition and his decision to retire as CEO, PageUp Group’s outgoing CEO Mark Rice said: “EQT’s investment is a ringing endorsement of our business and the significant opportunities for market and product expansion ahead. After 13 years leading the business, and with EQT’s investment now secured, I have decided that now is the right time for me to retire as CEO, safe in the knowledge the company I have helped build is in safe hands. I am immensely proud of what we have accomplished at PageUp as a team and this decision was made easier knowing the business is well-positioned with supportive partners for its next phase of growth.”

Mark will oversee a transition period with incoming CEO Eric Lochner. Eric has over 25 years of leadership experience scaling SaaS companies globally, most notably HR Tech companies Kenexa, Achievers, and Careerbuilder.com. Eric Lochner said: “Under Mark’s stewardship, PageUp has gone from strength to strength. I am delighted to have accepted the opportunity to step into the CEO role and look forward to working with our new partners in transforming our clients’ hiring experiences and empowering individuals to find opportunities where they are happy, engaged, and fulfilled. With EQT’s expertise and support, we’ll accelerate our strategy with increased focus on customer experience and innovation, including the continued integration of responsible AI to rapidly evolve our platform and enhance the automation of talent management.”

William Blair acted as the exclusive financial advisor to PageUp Group on this transaction. Barclays and Barrenjoey acted as the exclusive financial advisor to EQT on this transaction.

With this transaction, BPEA Private Equity Fund VIII is expected to be 80-90 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA Private Equity Fund VIII will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About PageUp
From talent pipelining, recruitment, and onboarding to compliance, professional development, and performance management, PageUp solutions leverage responsible AI and automation.

PageUp’s innovative tools and services empower organizations to optimize their human resources investment processes, enhance workforce performance, and deliver a personalized experience to candidates and employees.

Customers choose PageUp for its deep functionality and ability to be custom-configured for various workflows and industries, all accompanied by outstanding customer service. Used in over 190 countries, PageUp is a genuinely global solution with offices in Melbourne, Sydney, New York, London, and Paris.

More info: www.pageuppeople.com

Kinnevik AB (publ) (“Kinnevik”) today announced that it is investing USD 115m in Jobandtalent, a workforce marketplace that matches workers with temporary roles – aiming to make the labour market more fluid and accessible by tearing down the barriers to job searching and hiring.

Jobandtalent has developed proprietary job matching technology to match workers with temporary roles at companies in a range of sectors including logistics, e-commerce, warehousing, and manufacturing.

Digitalisation and globalisation are forcing employers to adapt to new ways of working, and societal pressures are being placed on companies to embrace a larger share of responsibility for temporary workers that make possible many of the new and innovative services provided in some of Kinnevik’s focus sectors. Within consumer services, Kinnevik has increasingly focused on managed marketplaces that help solve a highly fragmented supply of products and services, and enabler businesses that help alleviate pain points in consumer-facing businesses. The Jobandtalent opportunity sits at the intersection of these themes.

Jobandtalent’s goal is to make it easy for people to find regular, dependable work and have the security and perks typically associated with full time employment – including pensions, sick and holiday pay, and training courses. Workers can apply for and manage roles, submit paperwork, sign contracts, and get paid entirely within the Jobandtalent app. The company is headquartered in Madrid and currently operates in 9 markets with more than 1,300 companies using the platform. Over 100,000 workers have used Jobandtalent to find temporary roles in the first nine months of 2021 alone.

Natalie Tydeman, Senior Investment Director of Kinnevik commented: “We are thrilled to invest in Jobandtalent and support their innovation in the modern labour market through their workforce-as-a-service platform, and placing people back at the centre of employment as Jobandtalent accelerates the growth of their business.”

Juan Urdiales, co-founder and CEO of Jobandtalent commented: “We are delighted to have Kinnevik support us on the next stage of our journey. Kinnevik has an impressive track record in building successful and sustainable global businesses, and shares our long term view and our ambition to have a real impact on the lives of workers all around the world.”

Kinnevik led the USD 500m financing round with an investment of USD 115m for a 5% percent stake joined by SoftBank Vision Fund 2. The round ascribes Jobandtalent a valuation of USD 2.35bn. The funding will be used to accelerate the company’s expansion in key markets such as the United States, significantly increase the size of its tech and sales teams over the next two years, and add key executive roles. Jobandtalent is growing by 130% annually and is EBITDA profitable.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

Attachment

• Press release pdf

3i Group plc (“3i Group”) announces that it has agreed to invest $120m of equity in Wilson Human Capital Group (“WilsonHCG”), an award-winning global leader in talent solutions.

Headquartered in Tampa, Florida, WilsonHCG is a global business with offices throughout North America, Europe and Asia. The company provides a full suite of configurable talent solutions including recruitment process outsourcing (“RPO”), executive search, contingent talent solutions and talent consulting. The Company has operated as a strategic partner to some of the world’s most admired brands in helping them plan and execute on talent acquisition on a global basis.

WilsonHCG is widely known for its high-performance culture including its core values of collaboration, ownership, integrity, passion and communication. As a result, the Company is recognised as a leader by various industry trade associations such as HRO Today, Everest Group, NelsonHall and SIA and has also won a Gold Stevie Award and the Best Onsite RPO award in recent years.

The recruitment process outsourcing sector, which is one of WilsonHCG’s core areas of focus, has grown at a double-digit growth rate due to continued outsourcing adoption by new clients, further penetration with existing clients and increased hiring driven by greater employee mobility. Post the Covid-19 pandemic, the market is expected to return to historical levels of growth as companies increasingly value the superior outcomes, flexibility and efficiency that RPO providers such as WilsonHCG provide their clients.

Andrew Olinick, Partner, 3i, commented: “We are delighted to be backing John and his management team and investing in WilsonHCG. We have tracked the RPO space and WilsonHCG for several years. WilsonHCG’s high-performance culture and deep commitment to driving superior outcomes for its clients give us conviction that the Company will continue to grow rapidly in its markets. The business is highly regarded and is continuing its international expansion journey, following the recent acquisition of Profile in Asia, where we see the opportunity for WilsonHCG to serve its clients across all talent acquisition solutions.”

John Wilson, Founder and CEO, WilsonHCG, added: “We have known the 3i team for a number of years and they have demonstrated a clear commitment to investing in our space. There is a strong cultural fit between our organisations and a shared ambition to continue building WilsonHCG into the global talent solutions leader. Further, 3i’s international network will enable us to continue expanding our already global footprint so we can serve our customers in even more international locations.”

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For further information, contact:

3i Group plc

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America.

3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrial, healthcare and business and technology services industries.

For further information, please visit: www.3i.com

About WilsonHCG

WilsonHCG is an award-winning, global leader in total talent solutions. Operating as a strategic partner, it helps some of the world’s most admired brands build comprehensive talent functions. With a global presence spanning more than 65 countries and six continents, WilsonHCG provides a full suite of configurable talent services including recruitment process outsourcing (“RPO”), executive search, contingent talent solutions and technology advisory.

TALENT. ™ It’s more than a solution; it’s who we are.

Regulatory information

This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.