Bain agrees Japan human resources carve-out

The carve-out, which has been estimated to be worth around $930 million, will result in the creation of a new company comprising Works Applications' HR team and payroll software. Bain will help the business develop its enterprise resource planning software subscription service, secure new customers, and make investments in sales and marketing.

Yuji Sugimoto, a managing director at Bain, added that his firm would also help promote cross-selling of new features. The Works Applications HR business has been Japan's number-one personnel and payroll software provider for 16 consecutive years, according to a statement. Its software and services are used by over 1,100 corporate clients.

Bain closed its fourth Asia fund in December at a hard cap of $4 billion. The firm established its presence in Japan with a Tokyo office in 2006 and has backed some of the country's largest PE-backed M&A deals, including an $18 billion memory chip carve-out from Toshiba that closed last year after an eight-month bidding war.

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