Global investment firm KKR will acquire a stake in Employment Hero, an employment management platform based in Australia, from SEEK Investments, the companies said on Tuesday.
The SEEK Growth Fund, managed by SEEK Investments, will remain a material investor in Employment Hero, which provides end-to-end human resources management, payroll, recruitment, and employee engagement tools to more than 300,000 small and medium-sized enterprises globally.
KKR is making the investment through its Asia Next Generation strategy, marking the latest in a series of growth equity deals in Australia. Employment Hero’s management indicated that the investment builds on its momentum following a recent acquisition of a Canadian employment platform and its surpassing of A$250 million in annual recurring revenue.
The platform, founded in 2014, has expanded internationally, including into the United Kingdom and Canada.
The SEEK Growth Fund has been a long-term supporter of Employment Hero, and it signaled continued confidence in the company’s strategy and prospects. Employment Hero’s leadership has expressed plans to further develop its international footprint, citing growing demand for its jobs, payroll, HR, and benefits solutions.
KKR has previously invested in several technology-focused businesses in the region through its Asia Next Generation strategy. Its investments include Advanced Navigation, a developer of AI robotics and navigation technology in Australia, and other ventures focused on digital enablement and small business software solutions in markets such as Japan, the Philippines, Vietnam, and Indonesia.
Financial terms of the deal were not disclosed. The transaction is expected to be finalized by the first quarter of 2025, subject to regulatory approvals and customary closing conditions.
Business News Asia
