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Battery Ventures has invested in HR software firm, PageUp. Battery general partner Chelsea Stoner and vice president Paul Morrissey will join the PageUp board of directors as part of the transaction.
The company will use some of the new funding to increase its already-significant focus on product research and development. In addition, PageUp plans to continue its global expansion and may seek acquisitions to offer more products to more customers in complementary markets.
PageUp, which was founded in 1997 by Karen and Simon Cariss, is a leading provider of talent management software, with international footprint in Asia, Australia, US and Europe. In the past year, it logged revenue growth of more than 60% from its US operations. PageUp’s software is delivered in 18 languages to more than eight million users in 190 countries.
Battery’s Stoner said: “The company is a leader in its markets, and we could not be more excited to partner with PageUp to support its move into new areas and continue its growth.”
PageUp’s CEO, Karen Cariss, added: “We are at an incredible inflection point as a business. Organisations globally are seeking out PageUp’s talent management system to attract, develop and retain great people, with technology that helps drive employee engagement and workplace productivity.”
“We are thrilled to partner with Battery as part of our next growth chapter; the firm’s long history of scaling software-as-a-service (SaaS) companies in various industry sectors was a key factor in deciding to partner with Battery.”
Credit Suisse and UBS acted as financial advisers to PageUp as it evaluated strategic alternatives leading up to the Battery investment. The Battery investment also marks the culmination of a partnership between PageUp and Accel-KKR, which made a strategic growth investment in PageUp in 2012.
Photo / 123RF
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