Global alternative asset and private equity investor KKR announced today that its KKR Global Impact Fund has made a follow-on investment in job market analytics technology company Burning Glass Technologies, as Burning Glass merges with Emsi, in a bid to create a leading labor market analytics company.
The combined company, Emsi Burning Glass, brings together Burning Glass’ real-time, proprietary databases of job openings and career histories, and Emsi’s solutions in combining government and real-time labor market data, customer support, and product development in labor analytics.
KKR’s Global Impact Fund aims to invest in companies with business models that provide commercial solutions to environmental or social challenges, particularly those contributing measurable progress toward one or more of the United Nations Sustainable Development Goals (SDGs). According to KKR, Burning Glass and Emsi provide data to drive lifelong learning and market-aligned training, delivering measurable progress in achieving two of the SDGs: Quality Education, and Decent Work and Economic Growth. KKR Global Impact acquired a majority stake in Burning Glass in 2019.
Kyle Matter, Head of North America for KKR Global Impact, said:
“The world of work continues to undergo seismic changes as a result of automation and the COVID-19 pandemic, and combating the resulting labor market challenges has become an economic and social necessity. We believe the combination of these two industry leaders will be uniquely positioned to address these unprecedented challenges and we look forward to supporting them as they do.”
Burning Glass CEO Matt Sigelman, who will lead the combined company, said:
“Burning Glass and Emsi are two companies with a common mission: to unlock opportunity, mobility, and equity for everyone. We are deeply committed to the dignity and value of work, as well as to ensuring that employers, educators, governments, and workers are ready to meet the rapidly changing future. Our complementary capabilities in data analytics and product development will give us the scale and resources to deliver even greater value to our customers through new, enhanced products. We are looking forward to working together to continue to drive transformative change in the labor market.”