Shiftee, a New Start as an Independent Management Entity Split from 'Skylake Subsidiary'
Integrated workforce management solution Shiftee announced on the 6th that it plans to spin off and operate independently from its parent company BusinessOn. This decision follows BusinessOn's acquisition by SkyLake Equity Partners, a major domestic private equity fund (PEF) operator.
Shiftee is a leading service-as-a-software (SaaS) company in the human resources (HR) management solution sector in Korea. Founded in 2017, it reached its break-even point (BEP) in 2020, just three years after launching its service, and has continued to grow by repeatedly achieving record performance. In 2022, it underwent a strategic merger and acquisition (M&A) with BusinessOn. Shiftee played a key role in BusinessOn's external growth, which led to its sale in July.
With this sale, Shiftee will be spun off from BusinessOn after two years and begin independent responsible management. Shin Seung-won, CEO of Shiftee, who has driven high growth with double the previous year's revenue, triple operating profit, and an operating profit margin of 75%, will continue as the sole CEO. CEO Shin will retain 25% of Shiftee's shares and will lead future growth and global market expansion. SkyLake expressed a high evaluation of Shiftee's growth potential and stated that it will actively cooperate as a growth partner.
Shiftee stated, “Based on a solid partnership with SkyLake, we will continue to enhance the Shiftee solution and expand the domestic market while accelerating overseas expansion based on our successful experience in the Taiwan market.” They added, “We will continue to create good business and a healthy SaaS ecosystem by collaborating with Shiftee’s more than 300,000 customers and various partners within the industry.”
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Meanwhile, SkyLake, which acquired BusinessOn, announced that it will delist BusinessOn through a tender offer and reorganize the governance structure of its subsidiaries.
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