Shiftee Receives ‘BBB0’ Credit Rating and ‘A’ Cash Flow Grade

- Top-tier rating in the HR SaaS sector, aiming for an A grade within two years
- CEO SeungWon Shin said, “Stable management is our commitment to a sustainable partnership with customers.”

Media Coverage

• Shiftee Establishes a Foundation for Steady Growth, Achieves ‘BBB0’ Credit Rating and ‘A’ Cash Flow Grade
• Shiftee Earns ‘BBB0’ Credit Rating, Shows Steady Growth Over Five Years

Shiftee, an integrated workforce management solution led by CEO SeungWon Shin, announced on the 12th that it received a credit rating of “BBB0” as of the first half of 2025. It also obtained an “A” cash flow grade, gaining external recognition for its financial stability and growth potential.

The “BBB0 (Stable)” credit rating that Shiftee received is granted to companies with solid debt-repayment capacity and proven stability in credit transactions. According to NICE Information Service’s corporate credit analysis, only 4.8% of all domestic companies held a BBB rating as of the end of 2024. Leading mid-sized and some large enterprises — including JTBC, Doosan, Pulmuone, Hyosung Chemical, Doosan Fuel Cell, and Hanshin Engineering Construction — share the same BBB0 grade as Shiftee. Notably, this achievement is not a temporary result but the outcome of steady progress over the past five years. Shiftee’s credit rating has steadily risen each year since it broke even in 2021: ▲B+ in 2021, ▲BB in 2022, ▲BB+ in 2023, ▲BBB- in 2024, and ▲BBB0 in the first half of 2025.

Shiftee also earned an “A” cash flow grade, demonstrating its solid ability to generate cash. An “A” rating in cash flow indicates that a company can sustain growth through stable operations without relying on external financing. Shiftee maintained a B grade for cash flow from 2020 to 2023, achieved an A grade in 2024, and successfully retained the A rating in the first half of this year. Growth prospects remain strong. Shiftee has recorded profitable growth every year, posting an operating margin of 65% last year. Inquiries from large enterprise clients are also on the rise, with demand increasing by about 50% among organizations with more than 1,000 employees, as more corporate customers seek solutions that can serve not only functional needs but also long-term partnership goals.

Shiftee CEO SeungWon Shin said, “Achieving the BBB0 rating is more than just a number; it represents our promise of a sustainable partnership that allows customers to choose Shiftee with confidence. Beyond product innovation, we will continue to build trust through stable management and focus on rapid growth, aiming to reach an A rating within two years.”

Meanwhile, Shiftee was acquired in September last year by Skylake Equity Partners, a major private equity firm in Korea. During this process, Shiftee was recognized for its strong growth potential and was temporarily incorporated into Blue Whale Software Holdings — a spin-off from Business On — at the end of February this year. In late May, Blue Whale Software Holdings was merged into Skylake Long-Term Strategic Investment 3 Inc. (Skylake LSI3). Shiftee now operates independently as one of Skylake PE’s key portfolio companies, with CEO SeungWon Shin holding a 25% ownership stake.