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Home / SmartTech / Jobvite brings in more than $ 200 million and acquires three recruiting startups to expand its platform game – TechCrunch

Jobvite brings in more than $ 200 million and acquires three recruiting startups to expand its platform game – TechCrunch



Jobvite, the company that used to pioneer social networking to find job opportunities and find interesting candidates for job opportunities, today announced two big steps to double its ambitions, a larger recruitment and recruitment platform Job seekers build up tracking.

The company has raised more than $ 200 million and will use the money to acquire three smaller companies focused on different aspects of the recruitment process: Talmetrics (specializing in recruitment marketing); RolePoint (for employee referrals and in-house removals); and Canvas (a text-based conversation bot to start the screening process).

Jobvite does not disclose his rating on the financing provided by private equity firm K1

, but for a brief introduction Dan Finnigan, CEO of Jobvite, said in an interview that it is a majority stake, but not by a complete takeover. (PitchBook's most recent valuation of approximately $ 150 million is very old in September 2014 and has never been approved by the company.)

The combined company will have more than 2,000 customers, including Schneider Electric and Lenovo, Santander, PayPal, Genuine Parts and Panasonic.

Finnigan says that the growth of Jobvite and the interest of investors to support it, is done simultaneously with two changes, one technological and another, such as organizations with human resources. [19659002] A few years ago, many companies – hoping to cut costs – had merged their recruitment and recruitment businesses, "and recruiting has become thought-provoking," he said. As a result, companies tackled the applicant tracking software as a kind of minimal viable solution, but little or nothing else.

But lately, the war has escalated for talent – not just because unemployment is low, but because there are now several different opportunities and bottlenecks of suitable people for specific, often emerging skills. Companies, in turn, have realized that "recruiting is the backbone of every business and that tracking applicants is simply not enough," he said.

At the same time, there have been developments in technology. While a variety of recruitment software (and the recruitment process) has traditionally been quite fragmented, the move to cloud solutions offered the opportunity to consolidate the process and use a single platform for management. (Google's launch of Hire, which allows users to manage applicants through G Suite apps, LinkedIn recruitment platform, Zoho and SmartRecruiter are all examples of how cloud platforms are used to build more comprehensive procurement and tracking services.)

This is an increasing use of technologies such as machine learning to eliminate some of the more mechanical aspects of a recruiter's work to speed up processes.

The three acquisitions of Jobvite both play a role in both trends. For example, Canvas uses a bot to get initial information about a candidate to start the screening process before human recruitment companies take control.

Talismatics uses marketing technology to find out where the ideal candidates may be

Last but not least, RolePoint will add a new feature to access referrals from existing employees and manage in-house moves. [19659002] Finnigan compares the approach of the cloud-based platform we see on the market with the impact that Salesforce has had on the growing concept of CRM. "We know that marketing and distribution software has evolved with new features, such as content marketing, and this has also been the case with recruitment," he said.

"We are very pleased to invest in such innovative technologies." says Ron Cano, managing partner of K1 Investment Management, in a statement. "The talent acquisition industry is critical to our economy and ready for disruption, as outdated software is still widely used. K1's investment will create the only true end-to-end Talent Acquisition platform, enabling our customers to accelerate growth in the innovation of product features and services. "


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