Curated Intel from the Talent Tech Industry
July 19-25, 2021:
• Veritone will acquire PandoLogic, a US-based programmatic recruitment marketer;
• A wide range of technology solutions purport to be driven by artificial intelligence, but not all AI is really AI;
• Bullhorn(r) has acquired Sirenum to expand its digital arsenal of tools for staffing and recruiting organizations;
• CareerBuilder names Susan Arthur its new Chief Executive Officer; and
• HR tech funding explodes with 17 deals in the first 2-plus weeks of July alone.
PLUS
• TAtech North America & The World Job Board Forum is all talent technology and all about bottom-line success so register today.
Veritone to Acquire PandoLogic, Expanding AI Platform for Intelligent Recruitment
Veritone, Inc. (Nasdaq: VERI), the creator of the world’s first operating system for artificial intelligence, announced it signed a definitive agreement to acquire PandoLogic, Inc, a leading provider of intelligent hiring solutions. Total consideration of $150 million on a cash and debt free basis, payable in Veritone cash and stock, with performance earnouts through fiscal 2022. This values the transaction at approximately three times PandoLogic’s expected 2021 GAAP revenues. The acquisition is expected to be immediately accretive, with PandoLogic generating over $50 million in SaaS and related GAAP revenues and over $25 million of EBITDA on a pro forma 2021 basis. PandoLogic utilizes AI to accelerate the time and improve the efficiency in the process for employers hiring at scale for both mass market and difficult-to-source candidates. PandoLogic’s fully autonomous recruiting platform helps employers source talent faster and more efficiently with predictive algorithms, machine learning and AI.
Not All AI Is Really AI: What You Need to Know
A wide range of technology solutions purport to be "driven by AI," or artificial intelligence. But are they really? Not everything labeled AI is truly artificial intelligence. The technology, in reality, has not advanced nearly far enough to actually be "intelligent." "AI is often a sensationalized topic," said Neil Morelli, chief industrial and organizational psychologist for Codility, an assessment platform designed to identify the best tech talent. "That makes it easy to swing from one extreme reaction to another," he said. "On the one hand, fear of AI's misuse, 'uncontrollability,' and 'black box' characteristics. And on the other hand, a gleeful, over-hyped optimism and adoption based on overpromising or misunderstanding AI's capabilities and limitations." Both can lead to negative outcomes, he said.
Bullhorn Strengthens Commitment to Global Recruitment Agencies
Bullhorn(r), the cloud computing company that helps staffing and recruiting organizations transform their businesses, today announced that it has acquired Sirenum, a provider of shift scheduling and workforce management solutions for enterprise staffing companies on Salesforce. This acquisition is a major investment to help Bullhorn for Salesforce enterprise customers, especially those in Europe, grow and scale their businesses in the new world of work. As the world emerges from the shadow of the COVID-19 pandemic, recruitment firms have recognized that accelerating their digital transformation initiatives will help them compete with the emerging threat of online staffing platforms and other potential disruptors. Subsequently, forward-looking agencies are leveraging a digital arsenal of tools to compete and grow in an era of automation and self-service.
CareerBuilder Names Sue Arthur as CEO as Company Accelerates Growth
CareerBuilder, a global talent acquisition leader and job marketplace, today announced that technology industry veteran Susan Arthur has been named Chief Executive Officer, effective immediately. Irina Novoselsky will continue on as an advisor after successfully leading CareerBuilder through a multi-year transformation, repositioning the business for accelerated growth as Arthur assumes the CEO position. Arthur, a seasoned executive with over 30 years of experience, will continue advancing CareerBuilder's mission to connect companies with talent. She joins from Optum, where she served as Chief Operating Officer for the $10B technology and services division, OptumInsight. Arthur has a demonstrated track record of growth and brings deep expertise in the top industries CareerBuilder serves with a strong focus on client experience. Prior toOptum, Arthur was Group President at NTT Data and has also held strategic leadership roles at DXC Technology, Hewlett Packard Enterprise, and Electronic Data Systems.
HR Tech Funding Explodes As Companies Grapple With Transforming Workforce
Venture capital money is flooding the human resources space as employers seek new ways to recruit, hire and retain their workforces. Human resource technologies — which can run the gamut from background checks to benefits and everything in between — already has seen nearly $3.6 billion in venture funding for 260 deals this year, according to Crunchbase data. That dollar amount already surpasses all of last year, which witnessed not even $2.2 billion invested in 500 funding deals. This month alone has seen 17 funding rounds in the HR tech space announced in the first two-plus weeks, including New York-based Remote — which helps companies hire anywhere in the world by handling payroll, benefits and compliance issues — raising a $150 million Series B at a valuation of more than $1 billion. “You are just seeing super competitive rounds,” said Adam Boutin, a partner at Capital One Growth Ventures. “HR tech the last two years or so has gotten pretty hot.”
TAtech North America & The World Job Board Forum is Talent Tech Only & All About Bottom-Line Success
TAtech’s annual blockbuster conference will be the first IN-PERSON event in the talent technology industry in over a year. To be collocated with the SHRM Talent Management Conference & Expo – enabling you to score B2C and B2B meetings in a single business trip – TAtech North America & The World Job Board Forum will be held on August 23-25 in Las Vegas. The conference puts the business of talent technology front and center, not off in some corner of a huge HR tech conference. It features the TAtech Deal Center for exploring strategic partnerships, possible mergers and acquisitions, and new product developments as well as one-of-a-kind thought leadership and networking.