Newcastle-based safety and competency tech company Pegasus has secured a $28 million capital injection from Silicon Valley investment firm Accel-KKR.
The Australian company, which offers competency management, training, and site safety services for a variety of industries intends to deploy the funds to expand rapidly in the UK, Europe, and North America.
The support of Accel-KKR is significant; the Silicon Valley investment firm is well established in the US, with over $9 billion in capital commitments.
Accel-KKR focuses on software and IT-enabled businesses that it determines are well-positioned for top-line and bottom-line growth.
The investment firm's Principal Joe Porten, who will join the Pegasus board, says the Newcastle-based company is on the brink of massive growth.
"With employment growth worldwide coming from external workforces, Pegasus is well positioned to grow its well-established worker networks," says Porten.
"We are very excited to partner with Pegasus to further accelerate organic growth domestically, expand geographically and augment that growth with strategic acquisitions."
Founded in 1998, Pegasus manages the safety and competency of over 3 million workers for more than 80,000 companies including Woolworths, BHP, Visy, Lendlease, Aurizon, and Ausgrid.
Pegasus CEO Adam Boyle (pictured) says Accel-KKR's investment is the beginning of a new chapter for the company.
"Forged in deep industrial expertise, our first software product was created to keep Australian workers safe on site," says Boyle.
"Two decades later, we've reinvented workplace labour and safety management for the modern company and mobile worker."
"We're positioned for rapid growth with our sights firmly set on protecting workers no just in Australia, but across the world."
Business News Australia