JP Morgan has been appointed to lead the sale of Remember & Company, the South Korean firm behind the country’s popular business card and networking app, as its largest shareholder, Ark & Partners, seeks an exit roughly three years after acquiring control.
According to the local investment banking industry on Tuesday, the Seoul-based private equity firm specializing small- and mid-market buyouts is looking to offload its 50% stake, including management rights, in Remember & Company.
While the deal value has not been disclosed, JP Morgan is said to be sounding out interest from both local and global private equity investors, according to people familiar with the matter.
The sale attempt comes three years after Ark & Partners acquired a 50% stake in Remember & Company for 160 billion won ($115.2 million) in 2021.
AGGRESSIVE EXPANSION VIA M&A
Remember & Company, formerly Drama & Company, operates a popular business management app called Remember in Korea.
Since it was acquired by Ark & Partners, it has rapidly expanded its business portfolio through a string of acquisitions.
Job postings on Remember app (Courtesy of Remeber & Company) In 2022, the company took over domestic career consulting firm, Liahnson & Company, as well as Superookie, a job matching and training platform, and Jasoseol.com, a personal statement service.
It also acquired Brisk & Young Associates, an executive recruitment service, in 2023.
The company now operates as a broader career and networking platform, with its headhunting services accounting for a significant portion of revenue.
In 2024, Remember & Company reported 68.4 billion won in consolidated revenue, nearly doubling from the previous year.
However, its operating loss widened to 4.2 billion won from 2.1 billion won over the same period.
On a separate basis, the company’s operating loss doubled to 11.6 billion won, with revenue of 25.1 billion won, up 27%.
Despite the losses, the company has been posting monthly operating turnarounds since last October, setting the stage for Ark & Partners’ exit.
It is projected to generate 8 billion won in earnings before interest, taxes, depreciation and amortization (EBITDA) in 2025.
Write to Da Eun Choi at max@hankyung.com Sookyung Seo edited this article.
