Paradox closed a Series C investment of $200 million. The round was led by Stripes, Sapphire and Thoma Bravo, and values the company at $1.5 billion.
The round “was entirely about team building. It’s a new starting line in a bigger race that resets expectations of the future we can create with our clients,” said Paradox founder and CEO Aaron Matos. “We’ll continue to build the most innovative software in the industry, all while we grow and develop Team Paradox.”Paradox closed a Series C round of $200 million, valuing the company at $1.5 billion. #HR #HRTech @ParadoxOlivia Click To Tweet
Paradox is known for Olivia, a conversational AI assistant that helps employers automate talent acquisition tasks such as candidate screening, interview scheduling and onboarding. Paradox said more than 500 clients have used the tool in the last five years. Matos described Olivia as “an assistant who gets work done for them,” with “them” meaning customers.
Paradox View of the Market
Heading into 2022, Paradox sees continued pressure impacting talent acquisition teams. Restaurants are chasing dozens of hires as many workers turn away from hospitality jobs. Meanwhile, large companies are expected to continue seeking thousands of employees to support both business growth and current operations. The Bureau of Labor Statistics said there were 11 million job openings in the U.S. at the end of October.
In a statement provided by Paradox, Paul Melchiorre, an operating partner at investment firm Stripes, observed that “[t]here’s been a fundamental shift in how workers in every corner of the labor market find, assess and decide on jobs. These “structural changes,” he added, have placed “a much heavier burden on recruiters and hiring teams” than they’ve experienced before.
Paradox plans to “significantly” grow its team during 2022, and is already hiring to accommodate its plans. The company’s adding staff across the organization, with heavy focus on client success, sales, implementation, product management and technical product roles, as well as positions in talent, marketing and engineering.
In August, Paradox acquired the mobile-first assessment platform Traitify.