Singapore, Oct. 11, 2022 — Workmate, Singapore’s fastest-growing on-demand staffing platform for the frontline workforce, has been acquired by PERSOL, one of the largest HR service providers in the Asia Pacific region. The combination of Workmate and PERSOL will accelerate the advancement of Workmate’s on-demand manpower solutions across the Asia Pacific. Venero Capital Advisors acted as exclusive financial advisor to Workmate.
Founded in 2016, Workmate launched with the simple goal of helping businesses find and manage reliable frontline staff, and workers to get consistent work with reputable companies. Today, Workmate is recognized as one of Forbes Asia Top 100 to Watch and ranks 4th in Financial Times’ Asia-Pacific High-Growth Companies 2022.
PERSOL Asia Pacific is part of PERSOL Holdings, listed on the Tokyo Stock Exchange, Prime Market, and one of the largest human resources companies in Japan with sales of ¥1.1 trillion in FY2021.
Workmate Founder & CEO Mathew Ward shares: “We are incredibly excited about joining forces with PERSOL at this stage in our journey. We have a big vision to change the way blue-collar workers find work. Combining Workmate’s technology with PERSOL’s expertise and regional infrastructure puts us in an elevated position to realize that vision.”
On the role of Venero Capital Advisors, Mr. Ward added: “The Venero team were a critical part in the closing of this transaction. Their deep knowledge of HR Tech and Work Tech, and experience in navigating all of the complexities of the M&A process were invaluable to me as a founder. I’m incredibly thankful for Georgios and the team for helping us get this deal done.”
Georgios Markakis, Managing Partner at Venero, commented: “We are delighted to have supported Workmate on this transformational transaction. Mat and his team have already been growing at breakneck speed and, now as part of Persol, stand to dominate the SE Asian on-demand blue collar market.”
This marks yet another successful HR Tech M&A transaction for Venero Capital Advisors this year, following the sale of workforce management platform Beeple to Visma, employee engagement vendor Our Tandem to beqom, employee referral platform Firstbird to Radancy, and more.
Venero is the only international corporate finance advisory firm focusing exclusively on HR Tech and the Future of Work. More WorkTech/HRTech companies trust Venero Capital Advisors to deliver a successful M&A transaction than any other investment bank. We are incredibly proud to be the financial advisor of choice for Future of Work businesses globally.
For enquiries, please contact:
Georgios Markakis, Managing Partner
About Venero Capital Advisors
Venero Capital Advisors offers tailored and independent investment banking services to businesses operating in HR Tech and the Future of Work sector. Our client relationships are built and carefully maintained on trust, discretion and dedication. We combine in-depth industry expertise with market leading advisory skills – delivered within a highly confidential and unconflicted framework. For more information, please visit www.venerocapitaladvisors.com
To receive M&A and capital raising insights, deal announcements, research reports and news from Venero Capital Advisors, register here.