Global private equity firm EQT will acquire Remember & Company, which operates the business card management service "Remember."
Remember & Company announced on the 11th that its largest shareholder will change to EQT, the world's second-largest global investment firm. EQT has entered into a stock purchase agreement to acquire the equity of Arc & Partners, which was the previous largest shareholder of Remember.
EQT, based in Sweden, is a private equity firm affiliated with the Wallenberg family. It manages assets amounting to €266 billion (approximately 400 trillion won).
Remember & Company explained that EQT decided to invest because it highly values Remember's data assets and product competitiveness that integrates artificial intelligence (AI) technology, as well as the business model that leads changes in the human resources (HR) market through innovative methods and its growth potential.
Remember is an app used by 5 million people that offers business card management, career management, and community services. For corporations, it also provides corporate solutions that enhance productivity in talent acquisition and customer discovery using AI and data technology capabilities.
With this investment, Remember plans to accelerate its business growth in the future. The company stated, "With EQT's capital strength, global network, and industry expertise added to Remember's platform and business model, we will further enhance the innovative competitiveness of our service while also accelerating our business growth."
Choi Jae-ho, CEO of Remember, expressed, "I am very pleased to open a new chapter of Remember with the recognition of our competitiveness and growth potential from EQT, a global investment firm," adding, "We will solidify our status as Korea's representative business platform and fulfill our initial aspiration to create Asia's LINKED together with EQT."
Yun Da-ye, a partner at EQT and head of Korea private equity, noted, "Remember is a company that possesses a clear competitive edge and growth story at a time when the structural changes in Korean society intersect with the innovations in talent management driven by AI," and stated, "We will grow Remember into Asia's top-tier HR tech corporation through advanced AI technology, product diversification, and overseas expansion."
He added, "This is an opportunity to further solidify EQT's thematic investment strategy focused on leading the future of the HR tech industry globally, and I am very pleased that we can accelerate growth and social impact expansion together with the Remember team."