G+T’s Venture Capital team has acted as legal advisor to OneVentures on its 55% secondary selldown of interests in human resources technology company Employment Hero. The transaction was part of the Series E funding round from New York based VC fund Insight Partners, valuing Employment Hero at $800 million.
Employment Hero is a HR, payroll and employee benefit platform designed to help SMEs manage their workforce and boost productivity. It provides services to more than 6,000 businesses, managing more than 250,000 employees.
OneVentures is one of Australia’s leading venture capital firms, with over $550 million in funds under management. G+T has advised OneVentures on the establishment of all of its venture capital funds, and on its early stage investments in Employment Hero, including as the lead investor in Series A and co-lead in Series B with Seek.
G+T advised OneVentures on the sell side review and negotiations, as well as advising in relation to its retained interests in Employment Hero. As the advisors to OneVentures since its inception, and having acted for the majority of top tier venture firms, G+T had an unparalleled understanding of OneVenture’s structure and investment strategy, which benefited negotiations with incoming offshore investors.
Deborah Johns, the Corporate Advisory Partner who led the transaction, said: “We have been privileged to work closely with OneVentures for many years and are delighted to have supported them on such an iconic transaction for Employment Hero. This is an exceptional milestone and we are very pleased to see that OneVentures’ initial investment has grown by 19 times. We look forward to seeing OneVentures and Employment Hero’s journey over the next few years.”
Deborah was supported by lawyers Judy Hsu and Liya Wu.
Gilbert + Tobin’s market-leading Venture Capital team has acted on the establishment of, and investments for, many of the most high-profile venture capital funds in the market – including OneVentures, Blackbird Ventures, Square Peg Capital, Airtree Ventures, Startmate, Brandon Capital / MRCF, Investec, BioScience Managers, Southern Cross, Tenacious Ventures and many more.
Gilbert + Tobin’s Mergers and Acquisitions and Corporate team has advised on many of Australia’s largest and most innovative transactions, including recently advising Square Peg Capital on the sale of Vend, KKR on the proposed acquisition of Colonial First State from CBA, MIRA and Aware Super on the acquisition of Vocus and Quadrant Private Equity on the acquisition of QMS Media.