Billionaire Jean Salata's EQT Asia Set to Dive into Crypt of Korean LinkedIn Counterpart
In a significant move, EQT Private Capital Asia, a subsidiary of Swedish private equity giant EQT, has agreed to acquire a controlling stake in Remember & Company. This acquisition marks the latest addition to EQT's portfolio of HR tech firms.
Remember & Company, a Seoul-based professional network platform operator, is valued at 500 billion won (approximately $400 million) in this deal. The other investors of Remember & Company include South Korean billionaire Lee Hae-jin's internet giant Naver and Kosdaq-listed recruitment platform operator Saramin.
BPEA Private Equity Fund VIII, managed by EQT Private Capital Asia, will buy an unspecified stake from South Korean investment firm Ark & Partners. Notably, BPEA Private Equity Fund VIII, with a size of $11.2 billion, is set to be 90% to 95% invested with this deal.
EQT aims to support Remember & Company's ambition to become Asia's leading HR tech platform. The company, which was founded in 2013 as a business card management app, has expanded to include LinkedIn-like offerings, job matching, networking for job seekers, and talent acquisition for employers.
Remember & Company is uniquely positioned at the intersection of South Korea's demographic structural transformation and the rise of AI-driven talent management. With more than 5 million users across South Korea and Japan, the company stands to benefit from EQT's strategic investment.
EQT's Strategic Approach
EQT's strategy in investing in HR tech companies, specifically in Remember & Company, centers on leveraging AI-driven human capital management (HCM) platforms to capitalize on digital transformation and demographic shifts in South Korea. This acquisition aligns with EQT's broader portfolio and goals by focusing on scaling operational growth, integrating advanced AI technology, and embedding ESG (Environmental, Social, and Governance) principles within HR platforms.
Key aspects of EQT's strategy with Remember & Company include:
- Operational Scaling: EQT plans to expand Remember's enterprise client base beyond its existing 10,000 clients and utilize its vast database (500 million business cards) by injecting capital and leveraging its global network. This helps accelerate growth and market reach.
- Technology Integration: EQT employs in-house digitalization and AI expertise to enhance Remember's AI-driven recruitment and talent management tools, for instance, by adding predictive analytics for workforce planning. This strengthens the platform's competitive edge and innovation capabilities.
- ESG Alignment: Recognizing South Korea's regulatory environment, EQT integrates ESG metrics into HR tech solutions to help clients comply with sustainability requirements and appeal to socially conscious investors.
- Long-Term Thematic Investment: The acquisition underscores a thematic approach, positioning Remember as a platform to lead Asia's HR tech transformation, aligned with demographic trends such as an aging population and skills shortages in South Korea.
Portfolio Alignment
The deal illustrates EQT’s "secondary growth buyout" approach, where they provide operational and strategic support to unlock growth in high-potential companies, transitioning from VC-backed phases to more mature scaling. In terms of portfolio alignment, EQT’s investment in Remember complements its global holdings in AI-powered HR tech platforms like Beamery (UK), HRBrain (Japan), and PageUp (Australia). This creates a diversified, AI-driven HR tech portfolio designed to digitally transform talent management worldwide.
The Deal's Implications
Overall, the acquisition fits within EQT Private Capital Asia’s strategic goal to back technology leaders at the intersection of AI, data-driven decision making, and sustainability in fast-growing Asian markets, supporting companies capable of becoming regional champions in transformative sectors. The transaction is subject to regulatory approvals and is expected to be completed in the third quarter.
- EQT Private Equity Asia, through its investment in Remember & Company, a South Korean HR tech firm, aims to leverage AI-driven human capital management (HCM) platforms to capitalize on technological transformation and demographic shifts in South Korea, aligning with its broader portfolio and goals by focusing on scaling operational growth, integrating advanced AI technology, and embedding ESG principles within HR platforms.
- In addition to strengthening its position in the South Korean market, EQT's acquisition of Remember & Company complements its global holdings in AI-powered HR tech platforms like Beamery (UK), HRBrain (Japan), and PageUp (Australia), creating a diversified, AI-driven HR tech portfolio designed to digitally transform talent management worldwide.
