From local hero to Asia Pac leader: Venero helped build the bridge to our future.
In 2016, we founded Workmate in Singapore with a simple but powerful goal: to revolutionize how businesses connect with reliable frontline staff and, in turn, help blue-collar workers find consistent, reputable work. We built an on-demand staffing platform that leveraged technology and AI-powered data to improve everything from matching quality to worker retention. After establishing successful operations in Thailand and Indonesia, our vision grew bigger. We wanted to take our solution across the entire Asia Pacific region.
We knew that true regional scale required more than just our technology; it required deep local expertise and a robust physical infrastructure. We had built a successful company, but to achieve our ultimate vision, we needed to join forces with a partner who could help us accelerate our growth and navigate the diverse markets of Asia.
Finding the right international partner is a monumental challenge. It requires a level of market insight and cross-border M&A experience that is hard to find. We engaged Venero Capital Advisors because of their reputation as a founder-focused advisory firm with a truly global reach. We needed a team that could build a bridge from our headquarters in Singapore to the perfect strategic home.
Venero understood our ambition immediately. They recognized that for Workmate, this was not just about a transaction; it was about finding a partner that could act as a launchpad for our regional expansion. They ran a disciplined, global process, leveraging their deep relationships to identify potential partners who could offer more than just capital. They were looking for a true strategic fit—a company whose regional footprint could amplify our technological strengths.
Company: Workmate
Founder: Mathew Ward
Transaction Type: Full Sale
Buyer: Persol
Financial Advisors: Venero Capital Advisors
We engaged Venero because of their reputation as a founder-focused advisory firm with a truly global reach.
Through the process managed by Venero, we entered into discussions with Persol Asia Pacific, one of the largest and most respected HR service providers in the region. It was a perfect match. Persol had the deep regional infrastructure and expertise we were looking for, and they were impressed by the value our all-in-one staffing platform delivered.
Venero’s guidance was crucial in navigating the complexities of this cross-border transaction. They ensured that the strategic logic of the combination was at the forefront of every discussion and that the final agreement was structured to accelerate our mission. They helped us secure a partner that would allow us to retain our brand and continue to operate independently, supercharging our growth.
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.
The acquisition by Persol was a landmark moment for our company. Combining Workmate’s technology with Persol’s expertise and regional infrastructure puts us in an elevated position to realize our vision. We are now accelerating our investment in technology and sales and launching in new markets at a speed we could only have dreamed of before.
This journey taught us the immense value of having a world-class advisor. Venero did not just find us a buyer; they found us the right strategic partner to help us conquer a continent.
Fueling our growth: Venero navigated the capital maze to find our perfect investment partners.
Α masterclass in how the right strategic buyer can transform an early-stage company into a premium acquisition target.
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