Veritone – which plays in the space for enterprise AI software and services – will acquire CareerBuilder’s Broadbean, a provider of SaaS technology for talent acquisition and engagement.
Serving more than 3,000 clients and integrated with over 100 ATS partners, the acquisition will expand Veritone’s HR solutions and build upon Veritone’s 2021 acquisition of PandoLogic. The deal is worth about $52.5 million.
Veritone expects the will begin to gradually grow its operations and generate about $35 million on an annual basis.
Both Broadbean and PandoLogic are highly visible operators in the talent acquisition market, which is valued at $36.1 billion globally as of 2022, according to Staffing Industry Analysts. Veritone’s HR solutions are designed to accelerate employers’ hiring efficiency by enabling data-driven hiring decisions and process automation.
Joining Forces
Since more than half of Broadbean’s revenue comes from outside North America, Veritone believes the combination will accelerate its geographic expansion and address challenges presented by remote and hybrid hiring requirements. On top of that, Broadbean will add more than 5 billion data points of global job advertising performance to Veritone’s AI algorithms and analytics.
Veritone CEO Ryan Steelberg called the acquisition of Broadbean “transformative.” The deal integration of PandoLogic’s recruitment technology into Broadbean’s global distribution network will build on Veritone’s organic growth, expand its opportunity with HR solution and develop new sales and development opportunities, he said.
“We believe the added financial scale and leverage, and product expansion into over 100 ATS partners, will enable us to accelerate further adoption and utilization of our AI via PandoLogic’s programmatic technology,” he added.
After the transaction closes, Broadbean and PandoLogic will be integrated and rebranded as Veritone HR Solutions. The company believes this will allow Veritone to better serve customers with a broader suite of HR-enabled solutions. At the same time, Broadbean President Alex Fourlis will take on a new senior leadership role with the combined company.
