Accel-KKR invests $16m in Australia's Humanforce
Accel-KKR, a US-based private equity firm created by Accel Partners and KKR, has invested A$22.5 million ($16.1 million) in Australian workforce management solutions provider Humanforce.
The company operates an online platform focused on managers of contingent workforces – labor pools largely hired on an as-needed basis, including freelancers, independent contractors, and consultants. Its services include HR, payroll, time and attendance, rostering, and employee availability.
Founded in Sydney in 2002, Humanforce now has offices in Australia, New Zealand, Singapore, and the UK. It will use the new capital to expand its operations worldwide, particularly in North America. Joe Porten, a principal at Accel-KKR, will join the board at Humanforce.
“Managing this type of workforce presents unique challenges that legacy technology vendors aren’t built to solve,” said Porten in a statement. “Humanforce is uniquely positioned to serve the gig economy and capture a disproportionate share of the market as its solutions were purpose built with these challenges in mind.”
PE and VC investors have taken an active interest in Australia’s workforce management space in recent years, as employers seek new tools to handle an increasingly mobile and geographically disparate labor force and technology permits greater flexibility in scheduling. Recent activity includes an $81 million Series B round for Deputy and the acquisition of Acendre Partners by Strattam Capital.
Accel-KKR focuses on middle-market software and IT businesses and claims to have more than $5 billion in capital commitments across various buyout and growth funds. Its Australasia portfolio includes Seequent, a data visualization software provider based in New Zealand to which the firm committed an undisclosed amount of growth-stage funding last year. In addition, Accel-KKR previously backed Australian enterprise software provider PageUp before exiting its stake to Battery Ventures in 2018.
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