Strattam buys majority stake in Australian software specialist
US-based private equity firm Strattam Capital has acquired a majority stake in Australian workforce management software-as-a-service provider Acendre Partners for an undisclosed sum.
Strattam usually invests in North American IT companies with enterprise values of up to $100 million and annual revenue of $10-30 million. It plans to expand Acendre’s existing footprints across Australia and the US.
Founded in 1997, Acendre offers a cloud-based employee management and hiring services platform to regulated industry verticals, including government, healthcare, higher education, and mining. The company claims to serve more than 200 organizations globally, including almost 100 federal agencies. It processes more than one million job applications a year and is accessed by some 300,000 users a month.
“I was impressed by the Strattam team’s experience in the human capital market and cloud software, and by its understanding of the unique, innovative capabilities of our technology,” Mike Giuffrida, CEO of Acendre, said in a statement. “We can now accelerate our plan to solve organizations’ workforce performance problems through improved sourcing, hiring, engagement, performance and learning.”
Acendre’s key differentiator is its focus on talent in regulatory compliance environments that require a high level of configurability to manage complex workflows and interoperability challenges. This service is supported by a global analytics team that helps clients make data-driven human resources-related decisions. In addition to Australia and the US, the company maintains bases in New Zealand and India.
Australia’s workforce management space is an active investment area for private equity and venture capital. Recent activity includes an $81 million Series B round for Deputy, a $15 million investment for Flare, and a $40 million Series D for Culture Amp. In the past three months, PE-backed Advanced Personnel Management realized a bolt-on and Quintet Partners acquired a significant stake in Talent.
Strattam operates via bases in Texas and California with a focused mandate around enterprise software and digital infrastructure. It launched its second fund last year with a target of $225 million and had raised at least $200 million as of July, according to a regulatory filing.
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