Newcastle-based company Pegasus has secured AU$28 million from the Silicon Valley technology investment firm Accel-KKR to grow the business globally. Established in 1998, Pegasus’ software manages the safety of three million workers across 80,000 companies, primarily based in Australia.
The funding will be directed towards product development, recruiting more employees and expanding its presence into international markets.
The company’s purpose is to keep industrial workers, contractors and assets safe, competent and productive in the workforce. It’s the industry workforce management solution for mining, transport, construction, manufacturing and retail.
Its customers include Woolworths, BHP, Visy, Lendlease, Aurizon and Ausgrid.
“Forged in deep industrial expertise, our first software product was created to keep Australian workers safe on site. Two decades later, we’ve reinvented workplace labour and safety management for the modern company and mobile worker,” said Pegasus CEO Adam Boyle.
“We’re positioned for rapid growth with our sights firmly set on protecting workers not just in Australia, but across the world,” said Boyle.
It is the first time the company has turned to external sources for funding.
“We are seeking smart capital. We approached a small number of global PE firms with proven ability in industrial software known to our Chairman, Craig Jones, and ran the process internally. Ideally, we are hoping to leverage a specialist Silicon Valley software investor with a deep understanding of how to scale a high growth global software business,” Boyle told Which-50.
Currently more than 98 per cent of Pegasus’ customers are based in Australia, however the company is eyeing a larger international opportunity.
The funding will enable Pegasus to expand its presence in the United Kingdom, Europe and North America. Pegasus worked with partners to enter Europe almost three years ago and the UK and US in 2019.
According to Boyle, the number of international companies and workers using its platform has started to show significant growth in the last 12 months.
“With employment growth worldwide coming from external workforces, Pegasus is well positioned to grow its well-established worker networks,” said Accel-KKR Principal Joe Porten, who will join the company’s board.
“We are very excited to partner with Pegasus to further accelerate organic growth domestically, expand geographically and augment that growth with strategic acquisitions,” said Porten.