KKR has signed a deal with Employment Hero and SEEK Investment to purchase a stake from SEEK Investments.
Takeaway Points
- KKR has signed a deal with Employment Hero and SEEK Investments.
- The aim is to Purchase a Stake from SEEK Investments.
- The transaction is expected to be completed by the first quarter of 2025.
KKR Deal with Employment Hero and SEEK Investment
KKR, a leading global investment firm, said on Monday that it has signed a definitive agreement with Employment Hero, a global leader in employment management solutions, and SEEK Investments, manager of the SEEK Growth Fund, a long-term investment fund focused on human capital management, to acquire a stake in Employment Hero (“the Company”) from SEEK Investments.
The SEEK Growth Fund continues to be a material investor in Employment Hero, KKR added.
Mukul Chawla, Partner and Head of Asia Pacific Growth Equity, KKR, while commenting about the acquisition, said, “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.”
Ben Thompson, CEO and Co-Founder at Employment Hero, remarked, “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.”
Other Comment
Andrew Bassat, Executive Chairman and CEO of SEEK Investments, said, “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.”
The transaction date
According to the report, the transaction is expected to be completed by the first quarter of 2025.
About Employment Hero
Employment Hero is the global authority on employment, offering a world-leading Employment Operating System (eOS) that simplifies and optimizes every stage of the employment process. Its award-winning platform combines HR, payroll, recruitment, and employee engagement tools with the groundbreaking employment superapp, Employment Hero Jobs, which integrates career management and financial wellbeing.
Serving over 300,000 businesses and managing more than 2 million employees worldwide, Employment Hero reduces administrative burdens by up to 80%, enabling organisations to focus on their goals and create more productive, engaged teams. By revolutionising the employment marketplace, Employment Hero is making employment easier, more valuable, and rewarding for everyone. For more information, visit employmenthero.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds.
KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About SEEK Investments
SEEK Investments is the manager of the SEEK Growth Fund, a long-term investor and business builder currently focused on human capital management. The fund includes a portfolio of high-growth HCM businesses in Ed-tech, HR SaaS, and contingent labour. SEEK Investments builds upon its team’s 100+ years of experience in investing and operating high growth technology businesses. The Fund has assets under management of over A$2 billion.
