Singapore’s GIC will acquire jointly, Works Human Intelligence, an HR software provider of Japan for 2.6 billion. It may be one of the biggest acquisitions by the Singapore’s GIC.
The Singaporean sovereign wealth fund has been continuously investing in the Japan’s property market. The latest acquisition suggests the sovereign’s interest in the business acquisitions in Japan.
Works Human is currently under the ownership of Bain Capital. The service provider delivers solutions around payroll, work-hours management, etc. Its flagship software is used by top corporations, equivalent to 1200.
Works Human separated from Works Applications, an enterprise software developer company. It landed into some trouble and sold the human-resources business to Bain in 2019 for almost 100 billion yen. Under Bain, the company has worked to expand the customer base and provide cloud-based services.
Singapore’s GIC will acquire Works Human’s half of the shares. The rest of them will be acquired by its executives.
GIC is investing in multiple corporations of Japan. It is believed that this sovereign wealth fund has also participated in the Sogo & Seibu department store chain’s bidding last year. The store was offered by 7-Eleven operator Seven & i Holdings. The recent acquisitions have highlighted that the investors expect the growing demand for enterprise software solutions as the solutions are becoming cloud based.