Battery Ventures-Backed HR-Software Provider PageUp Group Acquired by EQT Partners

Australia-based PageUp expanded internationally, made key acquisitions to fuel growth and profitability during Battery’s ownership

PageUp Group, a human-resources and talent software company that had been majority-owned by global, technology-focused investment firm Battery Ventures, has been acquired by global investment firm EQT Group.

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Battery first invested in Australia-based PageUp, co-founded by entrepreneur Karen Cariss, in 2018. Battery helped scale the company into a global player in the HR sector both organically and through three key, add-on acquisitions, pursuing a strategy of disciplined growth that also focused on profitability. Under Battery’s ownership, the SaaS company’s annual recurring revenue more than tripled. Battery General Partner Chelsea Stoner and Principal Dillon Joyce served on the company’s board.

Battery also worked with Cariss to facilitate the transition to a new global CEO, Mark Rice, and new CFO, Gokhan Turgut, who were instrumental in driving the company’s growth and expansion.

“We could not be more excited to see PageUp reach this milestone, and to start a new growth chapter with EQT,” said Battery’s Stoner. “The company’s story is a great example of how bootstrapped software businesses can tap an outside investment partner to scale—and how the founders and executives of those businesses, after years of hard work, can benefit when other investors see value in those businesses as well.”

Today, the firm operates with a significantly larger global footprint than it did previously, with the majority of customers and revenue now coming from outside Australia, specifically the U.S. and U.K. In the U.S., PageUp is one of the highest-profile providers of talent/recruiting software to large universities, for example. Customers include more than 130 higher-education institutions in the U.S., for example, including Drexel University, George Mason University and the University of Toledo.

In addition to higher education, PageUp sells its talent-acquisition, recruitment-marketing and talent-management products into other industry sectors with heightened regulatory and audit requirements, including government and healthcare.

“PageUp’s intense focus on customers and industry specialization were key factors fueling the company’s success,” said Battery’s Joyce. “Karen, Mark and the whole team helped build PageUp into a robust global enterprise, and we look forward to seeing how the company grows from here.”

"I am extremely proud of what the PageUp team, in partnership with Battery, has accomplished over the past six years,” said Rice. “Through our ongoing investment in product innovation and customer service, we are now strongly positioned to accelerate our growth momentum in our focus markets and beyond."

About Battery Ventures

Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv. Follow the firm on X @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.

About PageUp

The powerful PageUp platform optimizes each step of the talent management lifecycle – so everyone can reach their full potential. PageUp Talent Management software enhances HR processes with technology that HR professionals, people leaders and employees love to use. From recruitment and onboarding, through learning, into performance, and right up to best-practice succession planning, all backed up by platform-wide analytics.

Customers love PageUp for its deep functionality and ability to be custom configured for a range of workflows and industries, all accompanied by outstanding customer service. Used in over 190 countries, PageUp is a genuinely global solution with offices in Melbourne, Sydney, New York, London and Paris.

Battery Ventures provides investment advisory services solely to privately offered funds. Battery Ventures neither solicits nor makes its services available to the public or other advisory clients. For more information about Battery Ventures’ potential financing capabilities for prospective portfolio companies, please refer to our website. PageUp is a Battery portfolio company; for a complete list of all portfolio companies, please click here.

No assumptions should be made that any investments identified above were or will be profitable. It should not be assumed that recommendations in the future will be profitable or equal the performance of the companies identified above. Please refer to Section 1 of our Terms of Use for further information.

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