January 28, 2019 – Sydney – Humanforce, a Sydney based global provider of workforce management solutions, today announced it has secured A$22.5M in growth equity investment from Accel-KKR, a leading Silicon Valley technology-focused investment firm.
Humanforce will use the funding to rapidly expand its operations in Europe, Asia and North America building on its successful entrance into these markets. Humanforce is a SaaS workforce management solution for contingent workforces that includes HR, time and attendance, rostering, employee availability and payroll data to manage and engage employees.
“With companies rapidly leveraging flexible talent Humanforce is leading the charge in the gig-economy as contingent workforces become mainstream. Managing this type of workforce presents unique challenges that legacy technology vendors aren’t built to solve. Humanforce is uniquely positioned to serve the gig-economy and capture a disproportionate share of the market as its solutions were purpose built with these challenges in mind. Our growth equity investment will help the company’s operations scale to take advantage of this opportunity,” said Accel-KKR Principal Joe Porten, who will join the board of Humanforce.
Accel-KKR’s funding comes to Humanforce on the heels of several consecutive years of accelerating subscription revenue growth and new customer acquisitions. During this time the company successfully transitioned to a SaaS model with sustained profitability and growth. With Accel-KKR’s funding, the company will expand to help more global customers with a specific focus on the North American market.
Bruce Mackenzie, Managing Director, Humanforce said: “The contingent workforce is a global revolution in the way we live and work. Today’s mobile worker presents multiple challenges for employers when it comes to tracking, planning and payment. This complexity has meant that traditional tech platforms in our industry simply aren’t fit for purpose, and ultimately leave both employer and worker frustrated. Partnering with Accel-KKR, we’re excited to rapidly expand Humanforce’s capacity to revolutionise the contingent workforce.
###
For more information and media interviews:
Kristian Towse
Media and Capital Partners
Kris.Towse@mcpartners.com.au
About Humanforce
Humanforce is a global provider of workforce management solutions for companies who need a flexible solution to manage complex workforces. Companies use Humanforce to manage everything from time and attendance, employee rostering, onboarding and availability. Humanforce also has strong partnerships with industry leading payroll providers.
Humanforce was founded in Sydney in 2002, and today has offices across Australia, New Zealand, Singapore and the UK.
About Accel-KKR
Accel-KKR is a technology-focused investment firm with over $5 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
