Venture Capital News: Jobvite Scores Over $200M
SAN MATEO, CA, K1 Investment Management today announced a majority investment in Jobvite, the industry leader in best-of-breed recruiting software.
K1 and Jobvite also announced three major acquisitions: Talemetry, the award-winning recruitment marketing company, RolePoint, the leader in employee referral and internal mobility, and Canvas, the industry's only text-based conversational recruiting company. For the first time, this combination enables hiring teams to source, engage, hire, onboard, and retain top talent with one end-to-end platform - delivering a unified candidate experience.
This unique set of investments, totaling more than $200 million, brings together Jobvite and three of the recruiting industry's most innovative companies, resulting in more than 2,000 customers, including Fortune 500 enterprises such as Schneider Electric, Lenovo, Santander, PayPal, Genuine Parts, and Panasonic. This merger rapidly accelerates the companies' product development roadmaps and the integration of their customer solutions. In addition, the combined companies will continue to meet existing client needs, including all system integrations as well as maintaining all operations globally.
Today, with more jobs in the United States than there are people to fill them - and unemployment at its lowest rate in 50 years (4.0%) - companies are in a war for talent. The strategic value of recruiting is growing rapidly, as business leaders recognize the impact of talent acquisition on the bottom line. With this dramatic shift in the importance of recruiting top talent, particularly skilled labor and STEM workers, companies are demanding increasingly advanced technology to address every stage in today's complex hiring landscape.
K1's investments in these four best-of-breed recruiting companies accelerate Jobvite's mission to create the industry's only end-to-end, candidate-centric software platform. The company's combined set of solutions and services will set a new bar for the candidate experience - driving engagement from the very first interaction, to the first day on the job, and to the next promotion.
Dan Finnigan, Jobvite CEO, will lead the combined company. "Our focus is to help leading companies win top talent and build the best teams with an award-winning candidate experience," said Finnigan. "K1 provides unparalleled 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."
"This is big news for the talent acquisition industry. With the backing of a major growth equity partner like K1 Investment Management, Jobvite has an immense opportunity ahead - as evidenced by the immediate acquisition of three differentiated recruiting solutions," said Kyle Lagunas, IDC Research Manager for Talent Acquisition and Staffing. "This newly extended suite sets them apart among other recruiting platforms with an enterprise-grade solution that positions them well in the broader talent acquisition category."
"Whether a client is augmenting its existing HCM or ATS system with Talemetry, RolePoint, or Canvas or selecting an end-to-end platform with Jobvite, the new combined company has a solution to meet its unique needs," says Jade Bourelle, Talemetry CEO.
K1 made a majority investment in the company while existing shareholders, including the companies' founders and Catalyst Investors, a New York-based growth equity firm, will retain a minority interest.
"We are excited to be investing in such an innovative set of technologies," says Ron Cano, Managing Partner at K1 Investment Management. "The talent acquisition industry is critical to our economy and ripe for disruption with outdated software still prevalent. K1's investment will create the only true end-to-end talent acquisition platform and will provide our customers with accelerated growth in innovation of product features and services."
Jobvite is leading the next wave of recruitment innovation with Continuous Candidate Engagement (CCE), a candidate-centric recruiting model that helps companies engage candidates with meaningful experiences at the right time, in the right way, from first look to first day. The Jobvite Platform infuses automation and intelligence into today's expanded recruiting cycle to increase the speed, quality, and cost-effectiveness of talent acquisition. Focused exclusively on recruiting software since 2006 and headquartered in San Mateo, Jobvite has thousands of customers including LinkedIn, Premise Health, Zappos.com, and Blizzard Entertainment. To learn more, visit www.jobvite.com or follow us @Jobvite.
Talemetry (www.talemetry.com) is Recruitment Marketing Results. Simplified. We combine our enterprise-grade Talemetry¬® recruitment marketing platform with tools, training and support to make recruitment organizations and professionals successful. Talemetry gets the right people to apply for the right jobs by delivering results-based attraction strategies and extending reach for talent. Our solutions optimize operations, drive ROI and deliver client success. Finally, a recruitment marketing platform powerful enough to deliver results, and easy enough to leverage across enterprise organizations.
RolePoint was founded to revolutionize how talent is identified, acquired and retained in the enterprise. RolePoint's platform was built on the philosophy that referrals can become the principle source of hiring across an organization, holding the key to better-fit, higher performing employees. Our product is the result of one of the most comprehensive development, evaluation and feedback processes undertaken for a social hiring technology. The ability of RolePoint to intelligently engage and build high-quality candidate pipeline is driving hiring across an extensive range of forward-thinking clients and industries. For additional information, visit our Learning Hub at learn.rolepoint.com
Canvas is the first text-based intelligent interviewing system that empowers organizations and recruiters to screen more job candidates and market employment brands. Canvas leverages machine learning to empower highly scalable human-to-human conversations and automate top-of-funnel candidate screening. This enterprise-grade software platform, which is also available as an iOS and Android mobile app and Chrome Extension, enables recruiters to better reach today's talent generation. Canvas is available through a subscription-based model and is scalable for companies of all sizes and in all industries. For more information, visit www.gocanvas.io and follow Canvas on Facebook, Twitter, Instagram and LinkedIn.
About K1 Investment Management
K1 is a leading investment firm focusing on high-growth enterprise software companies globally. K1 seeks to help dynamic businesses achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position its companies as industry leaders. K1 typically invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. K1's investments vary in the level of ownership in order to meet the needs of entrepreneurs and managers. Representative past and present portfolio companies include industry leaders such as Apttus, Buildium, Clarizen, Certify, Checkmarx, ChiroTouch, Granicus, IronScales, Litera Microsystems, RFPIO, Smarsh and Workforce Software. For more information about K1, please visit www.k1capital.com or https://www.linkedin.com/company/k1im.
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