Battery Ventures backs Australia SaaS player PageUp

The size of the deal was not disclosed; PageUp said in a statement that it is a “significant investment.” The company reportedly launched a non-deal roadshow in September 2016 ahead of a planned IPO, but the listing never came to fruition. The transaction facilitates an exit for Accel-KKR, which invested in 2012.

Founded in 1997, PageUp is a software-as-a-service (SaaS) provider that specializes in human resources. It has built up a sizeable international footprint and claims to serve more than eight million users in 190 countries, with offices in Melbourne, Sydney, New York, London, Singapore, Hong Kong, and Manilla. The US market accounts for over 60% of revenue.

Large customers include Aldi Stores Australia, Myer, Foxtel Management Group, TMF Group, Reserve Bank of Australia, Jollibee Foods Corporation, Medical University of South Carolina, Michigan State University, and Hong Kong Express.

The new capital will go towards R&D efforts and global expansion. PageUp said it may seek acquisitions to offer more products to customers in complementary markets.

“PageUp has built a best-of-breed, globally competitive talent management suite to help companies optimize their human capital—and built it fully in the cloud,” said Chelsea Stoner, a general partner at Battery. “The company is a leader in its markets, and we could not be more excited to partner with PageUp to support its move into new areas and continue its growth.”

Battery is a technology specialist that has private equity and venture and growth practices. It has raised more than $5.6 billion since inception and is currently deploying funds with a combined capitalization of $950 million. On the private equity side, it invests in companies with revenue between $5 million and $200 million.

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• Topics
• Australasia
• Expansion
• Technology
• Australia
• Growth capital