SAN MATEO — Jobvite, which develops recruiting and applicant-tracking software, has received a majority investment of over $200 million from K1 Investment Management of Los Angeles.
K1 and Jobvite also announced three major acquisitions: Talemetry, a recruitment marketing company, RolePoint, a company specializing in employee referral and internal mobility, and Canvas, a text-based conversational recruiting company. This combination will allow hiring companies to source, engage, hire, onboard, and retain top talent with one end-to-end platform – delivering a unified candidate experience.
The investment from K1 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.”