EQT to buy controlling stake in 'Korean LinkedIn' Remember for W500b

Swedish alternative asset manager EQT is to acquire a controlling stake in South Korean startup Remember & Company for 500 billion won ($360 million), the firm announced Monday.

EQT said it has entered into definitive agreements to acquire a controlling stake in Remember & Company, recognized for its business card management app, where users can register their cards and connect with their peers.

Though the specific details of the deal were not disclosed, EQT announced it would be purchasing stakes of Remember & Company held by major shareholders, including Ark & Partners, for 500 billion won. The domestic buyout investor acquired a 47 percent stake in the startup at 110 billion won in 2021. The transaction is expected to close by September at the latest.

Managing over 500 million business cards and 5 million users, Remember & Company delivers end-to-end recruitment solutions to both individual users and enterprise clients.

EQT highlighted that demographic shifts, increasing demand for experienced hires and the evolution of recruitment technologies are accelerating the adoption of outsourced and AI-enabled talent platforms, particularly among mid-sized and enterprise clients.

“Remember is a rare and differentiated asset, uniquely positioned at the intersection of South Korea’s demographic structural transformation and the rise of AI-driven talent management. With a clear competitive edge and strong growth trajectory, it represents a highly thematic investment for EQT,” said Yeon Da-yea, partner in the EQT Private Capital advisory team and head of EQT Private Capital Korea.

“This transaction underscores EQT’s long-term commitment to Korea and our belief in the transformative power of data and AI to shape the future of work.”