Nikkei reported on Monday that EQT has agreed to acquire Japanese startup HRBrain for an undisclosed sum. Japanese startup database Initial reported the company was valued around 21.5 billion yen (about $145 million US) when it secured 1.8 billion yen (about $12 million yen in equity and loans in the previous round back in February of 2022. After the aquisition, founder and CEO Hiroki Hori will remain on board and as a shareholder while EQT will dispatch an outside director.
Prior to HRBrain, Mori managed a media business unit at CyberAgent (TSE:4751). After recognizing the complexity and inefficiency of the personnel evaluation and goal management of many enrolled members using Excel and other tools, he launched the company in March of 2016 under its previous name of Moskytone. The company’s cloud-based platform under the same name has served over 2,500 companies since its launch back in January of 2017.
HRBrain streamlines the workload of HR professionals in the evaluation process by putting everything from the filling out of goal sheets to the management of evaluations by HR professionals into the cloud system, which allows them to create effective data-driven strategies on human resource management. It consists of seven services: Talent Management, Organizational Diagnostic Survey, Pulse Survey, Personnel Evaluation, 360-degree evaluation, Labor Management, and In-house Chatbot.
To date, the company has secured funds from Seiga Asset Management (Hong Kong), Dai-ichi Life Insurance, Eight Roads Ventures Japan, Mizuho Capital, SCSK (TSE: 9719), Genesia Ventures, Beenext, Keisuke Honda’s KSK Angel Fund, Mitani Sangyo, CyberAgent’s Fujita Fund, Mizuho Capital, JA Mitsui Leasing, Sparx Group’s Mirai Creation Fund, and others.
Originally from Sweden’s Vallenberg family (it’s said to indirectly control one-third of the Nordic country’s gross national product), EQT currently has assets under management of approximately 232 billion euros, with offices in 20 countries across Europe, Asia, and North America. It has acquired companies like VetPartners and Billtrust.