GIC takes co-control of Bain-owned Japan software company
Bain Capital has ceded co-control of Japanese HR software provider Works Human Intelligence (WHI) to GIC in a deal ranked among the Singapore sovereign investor’s largest acquisitions.
The size of the pending transaction has not been disclosed, although Nikkei has pegged it at JPY 350bn (USD 2.6bn). Dealogic, AVCJ’s sister publication, has called it the largest-ever private equity acquisition of a software company in Japan.
Bain acquired 100% of WHI in 2019 for an estimated JPY 100bn. That deal was a carve-out of the HR business of diversified enterprise artificial intelligence and enterprise resource planning (ERP) technology company Works Applications.
WHI claims to be the leading player in its space domestically, with about 1,200 corporate clients. It aims to help Japanese companies position their workforce for success in remote and hybrid work environments.
Under Bain, the company developed its go-to-market sales and cross-sell commercialisation operations, transitioned toward cloud-based ERP software, and invested heavily in a “customer success” strategy. It is said to be growing at a double-digit pace.
"We will accelerate our growth through further product developments and launches of new features by enhancing our business foundation under the new partnership with GIC in addition to Bain Capital,” WHI CEO Tomitaro Anzai said in a statement.
Bain closed its first dedicated Japan private equity fund on JPY 110bn in 2021 and more recently signalled an intention to double down on the country. Recent activity includes a JPY 328bn medical devices carve-out from Olympus Corporation and the JPY 817bn carve-out of Hitachi Metals.
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