The acquisition, done through subsidiary HRnet One, will help HRnetGroup stay ahead in the competitive digital HR space, the disclosure added. In turn, Glints will be able to benefit from HRnetGroup’s successful operational experience across 10 Asian cities.
HRnetGroup will use funds from its IPO proceeds of S$174 million ($131.7 million) for the acquisition; HRnetGroup listed on the SGX Mainboard in June last year. The payment, the company said, is not expected to have any material impact on its consolidated net tangible assets or earnings per share for the current financial year.
Glints had last raised a $2 million Series A round co-led by Golden Equator Capital and Gobi Partners in 2016. The round was joined by Wavemaker Partners and Fresco Capital as well as return backers East Ventures, Infocomm Investments (IIPL), Pix Vine Capital, and Darius Cheung, the founder of property portal 99.co.
In the past few months, Singapore has seen ambitious moves by job-matching platforms. Last month, GrabJobs said it planned to raise S$5 million ($3.75 million) in a Series A round by the middle of this year to double its team size in existing markets and fuel expansion to other Southeast Asian countries.
Its competitor UShift is also reportedly planning to raise $3-5 million in a pre-Series A round in this quarter to expand into Indonesia, Thailand, the Philippines and Malaysia. Another startup Helpster, which has a presence in Thailand and Indonesia, managed to secure $2.5 million in a pre-Series A round led by Mojo Partners and Wavemaker Partners in December.