South Korean AI-powered business card app Remember to be bought by EQT in $400M deal

Last week we saw Upwork’s deal with Bubty and Ascen, the week before we saw SAP’s acquisition of SmartRecruiters, and now we see EQT’s acquisition of Remember & Co.

Remember & Co – a Korea-based business card management app that runs HR tech platform Remember – has made a deal with Swedish private equity firm, EQT, for approximately $400 million (500 billion South Korean won).

As a result of the acquisition, EQT is set to become the largest shareholder by purchasing shares from the previous majority owner Arc & Partners.

Inside EQT’s Remember acquisition
Business card management, career management, and corporate solutions platform, Remember – which has 5 million users – uses AI to improve talent acquisition and customer discovery.

This, as well as Remember’s data assets and integrating of AI in HR technology, is said to have attracted EQT to buy the platform.

As a result of the deal, EQT and Remember & Co have both shown the interest to accelerate Remember’s expansion in business in Asia.

The transition from Ark & Partners to EQT, represents a ‘new-generation deal’ that highlights the growing interplay between South Korea’s venture ecosystem and private equity market,” said Founder and CEO of Ark & Partners, Sungmin Kim.

Approximately four months ago, EQT raised over $10 billion for BPEA Private Equity Fund X, its latest Asia-focused flagship, which has a hard cap of $14.5 billion.

Dayea Yeon, Head of EQT Private Capital Korea and Partner in EQT’s Private Capital Advisory Team said in a statement: “Remember is a rare and differentiated asset, uniquely positioned at the intersection of South Korea’s demographic structural transformation and the rise of Al-driven talent management.”

Financial terms of the transaction have not been disclosed.