HAPE clinches $12m FastTrack buyout
Harbert Australia Private Equity (HAPE), a unit of America’s Harbert Management Corp (HMC), has acquired a majority stake in recruitment and payroll software provider FastTrack.
Company CEO Justin Sway and the current management team hold the balance of equity following the deal.
Melbourne-based FastTrack intends to expand its product reach into new global markets, while strengthening its core business in existing markets. Its immediate priorities include increased focus on product development and innovation, establishing a number of overseas offices, bolstering the senior management team and providing staff with opportunities for further growth and development.
"In considering potential opportunities, we target companies that can boast an exceptional management team with a demonstrated record of success, who are able to drive future growth," says Harbert Managing Director Jeremy Steele. "It quickly became apparent to us that the FastTrack management team had a hands-on approach to operations and the enthusiasm to ensure the ongoing success of the company."
He added that FastTrack's blue chip customer base and track record in innovation made it an ideal investment for HAPE.
FastTrack claims to be the largest provider of core business applications to the Australasian recruitment industry. It was founded in 1992 and has more than 500 clients in five countries.
HAPE was advised on this transaction by McGrath Nicol Transaction Services, AT Kearney, Minter Ellison and Kain Corporate + Commercial Lawyers.
A sponsored affiliate of HMC, HAPE launched its first Australian-based private equity fund in late 2008. It focuses on investment in Australian companies within the lower mid-market, targeting companies with a total enterprise value in the A$10 million to A$100 million range.
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