Billionaire Jean Salata’s EQT Asia To Invest In Korean LinkedIn Rival
Jean Salata, chairperson of EQT Asia.
Shoko Takayasu/Bloomberg
EQT Private Capital Asia, the Asia arm of Swedish private equity giant EQT led by Hong Kong-based billionaire Jean Salata, has agreed to acquire a controlling stake in Remember & Company in a deal that values the Seoul-based professional network platform operator at 500 billion won (about $400 million).
EQT said on Monday that BPEA Private Equity Fund VIII will buy an unspecified stake from South Korean investment firm Ark & Partners. BPEA Private Equity Fund VIII is managed by EQT Private Capital Asia.
In 2021, Ark & Partners bought a roughly 47% stake in Remember & Company for about 110 billion won in a transaction that valued the HR tech company at 230 billion won. Other investors of Remember & Company include South Korean billionaire Lee Hae-jin’s internet giant Naver and Kosdaq-listed recruitment platform operator Saramin.
“Remember is a rare and differentiated asset, uniquely positioned at the intersection of South Korea’s demographic structural transformation and the rise of AI-driven talent management,” said Yeon Dayea, head of EQT Private Capital Asia’s Korea team, in a statement on Monday. “By leveraging our global network of industry advisors, along with our in-house digitalization and sustainability capabilities, we are excited to support Remember’s ambition to become Asia’s leading HR tech platform.”
With this deal, BPEA Private Equity Fund VIII, the $11.2 billion fund closed in 2022, is set to be 90% to 95% invested, according to the statement. The transaction, subject to regulatory approvals, is expected to be completed in the third quarter.
Founded in 2013, Remember & Company started out as a business card management app. With a database of more than 500 million name cards, it has since then expanded to include LinkedIn-like offerings, including job matching and networking for job seekers, and talent acquisition for employers. It has also rolled out an anonymous forum for professionals to discuss workplace issues and share advice. Remember & Company said it currently has more than 5 million users across South Korea and Japan, where it launched operations in 2018.
Remember & Company is the latest addition to EQT’s portfolio of HR tech firms, as the private equity giant bets on rising demand for outsourced and AI-powered recruitment services. Last year, EQT Private Capital Asia acquired Australian HR software provider PageUp Group for an undisclosed amount. It followed the buyout fund’s purchase of a majority stake in Japanese HR software startup HRBrian in 2023 for an undisclosed amount.
EQT Private Capital Asia was formed in 2022 following EQT’s acquisition of Salata’s Baring Private Equity Asia in a deal worth $7.5 billion. Since then, Salata has been leading the combined Asian operations from a base in Hong Kong, while sitting on EQT’s executive committee.