JobVite received a $200 million investment from K1 Investment Management, then turned around to announce three acquisitions: recruitment marketing firm Talemetry, internal hiring and referral platform provider RolePoint and the interviewing-chatbot company Canvas.
By wrapping these services into its own, JobVite said it will be able to deliver a unified candidate experience, from sourcing to retention. The acquisitions will speed the company’s product development efforts and new deployments. The companies will continue to serve existing client needs, including those with systems integrations.By wrapping newly bought services into its own, @JobVite said it will deliver a unified candidate experience, from sourcing to retention. #HR #HRTech #Recruiting Click To Tweet
Jobvite CEO Dan Finnigan, who will lead the combined company, said K1’s background would contribute to the new business’s approach. “K1 provides unparalled SaaS expertise and vast resources that, in combination with these four trailblazing companies, will offer our customers the most comprehensive solutions, knowledge and services available in the market,” he said.
The combined companies will have more than 2,000 customers, including enterprises such as Lenovo, Santander, PayPal, Genuine Parts and Panasonic.
The investment provides JobVite with “an immense opportunity,” said Kyle Lagunas, research manager for talent acquisition and staffing at IDC. Taken together, the new suite gives the company “an enterprise-grade solution that positions them well in the broader talent acquisition category,” he said in a statement provided by JobVite.
K1’s investment gives it a majority stake in the company. Existing shareholders, including the companies’ founders and Catalyst Investors, will hold a minority interest. In an interview, Finnigan told TechCrunch the $200 million wasn’t nearly a full acquisition. Reliable estimates of JobVite’s full valuation aren’t available.
According to K1’s web site, existing management typically continues to run its portfolio companies day-to-day.
Finnigan compared the cloud-based platform approach spreading through talent acquisition as being similar in impact to that of Salesforce in CRM, TechCrunch reported. “We know that marketing and sales software have continued to evolve with new features like content marketing, and the same has happened in recruitment,” he said.
Ron Cano, a managing partner at K1, agreed. The investment positions JobVite to take advantage of a talent acquisition industry that’s “ripe for disruption,” he said.
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