Australian workforce management service provider Pegasus has secured a $28 million from Silicon Valley investment firm Accel-KKR, according to an announcement.
Pegasus will use the funding to expand its presence in the UK, Europe and North America.
Set up in 1998, Pegasus connects workers, contractors and assets in real-time for companies including Woolworths, BHP, Visy, Lendlease, Aurizon and Ausgrid. It caters to mining, rail & transport, construction, manufacturing, retail, and facilities management & utilities sectors.
With this investment, Accel-KKR Principal Joe Portenwill joins the board of Pegasus.
“With employment growth worldwide coming from external workforces, Pegasus is well-positioned to grow its well-established worker networks”, he said. “We are very excited to partner with Pegasus to further accelerate organic growth domestically, expand geographically and augment that growth with strategic acquisitions.”
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth.
The investment firm focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives.
Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions.