Global private equity fund manager EQT will acquire the talent recruitment and business networking platform Remember & Company (hereafter, Remember) for approximately 500 billion won.
According to the investment banking (IB) industry, EQT recently signed a contract to acquire the management rights equity of Remember held by Ark Partners for just over 500 billion won.
Remember, established in 2013, is well known for its business card management application. The total number of business cards managed through Remember has reached 500 million, with approximately 5 million users. Remember has provided recruitment solutions for corporate clients and headhunters based on this.
Remember was previously acquired by domestic private equity firm Ark Partners in 2021. After acquiring a 47% equity stake for 110 billion won, it has expanded its business scope through bolt-on strategies. The company's annual revenue reportedly increased 12 times within three years of being acquired by Ark Partners.
Yun Da-ye, an EQT partner leading the Korean private equity sector, noted, "Remember is an asset with clear competitive advantages and a growth story" and added, "We will grow Remember into one of Asia's leading HR tech corporations through the advancement of artificial intelligence (AI) technology, product diversification, and overseas expansion."
The sale of management rights is expected to be completed by the third quarter of this year. EQT's 'BPEA Private Equity Fund VIII' dry powder is estimated to be about 90-95% depleted.