Accel-KKR invests Australia workforce software player

It comes one year after the firm committed A$22.5 million to a similar Sydney-based company called Humanforce. Australia's human resources services segment has witnessed a dramatic surge in investment during the past two years, with at least 10 local start-ups having received private equity or venture capital backing.

Pegasus is based in Newcastle, about 100 miles south of Sydney.  It claims to manage issues around safety and competency for more than three million workers at some 80,000 companies. Focus industries include mining, rail and transport, construction, manufacturing, retail, and facilities management, and utilities. Woolworths, BHP, Visy, Lendlease, Aurizon, and Ausgrid are among its clients.

"With employment growth worldwide coming from external workforces, Pegasus is well-positioned to grow its well-established worker networks", Joe Porten, a principal at Accel-KKR who will join the Pegasus board, said in a statement. "We are very excited to partner with Pegasus to further accelerate organic growth domestically, expand geographically and augment that growth with strategic acquisitions."

Accel-KKR focuses on middle-market software and IT businesses and claims to have more than $9 billion in capital commitments across various buyout and growth funds. Its Australasia portfolio includes Seequent, a data visualization software provider based in New Zealand. The firm previously backed Melbourne-based enterprise software provider PageUp before exiting its stake to Battery Ventures in 2018.

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• Topics
• Australasia
• Support services
• Expansion
• Australia
• Accel Partners
• KKR
• professional services
• Growth capital