Feb
11
2019
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Jobvite raises $200M+ and acquires three recruitment startups to expand its platform play

Jobvite, the company that was once an early mover in leveraging social networks to help source job opportunities and find interesting candidates for openings, is today announcing two big moves to double down on its ambition to build a bigger platform for recruitment and applicant tracking.

The company has picked up an investment of more than $200 million, and it will be using the money to acquire three smaller companies focusing on different aspects of the recruitment process: Talemetry (which specializes in recruitment marketing); RolePoint (for employee referrals and in-company moves); and Canvas (a text-based conversational bot to get the screening process started).

Jobvite is not disclosing its valuation with the funding, which is coming from private equity firm K1, but for a little guidance, in an interview, Dan Finnigan, Jobvite’s CEO, said it was a majority stake but nowhere near a full acquisition. (PitchBook’s last valuation of the company, of around $150 million, is very old, dating from September 2014; and it has never been confirmed by the company.)

The combined company will have 2,000+ customers that include Schneider Electric, Lenovo, Santander, PayPal, Genuine Parts and Panasonic.

Finnigan says that Jobvite’s growth, and investor interest in backing that, is happening in tandem with two changes, one technological and another the evolution in how organizations handle human resources.

Several years ago, many companies — hoping to cut costs — merged their personnel and recruitment operations, “and recruiting became an afterthought,” he said. That led to companies tacking on, as a kind of minimum viable solution, applicant tracking software, but little or nothing else.

But more recently, the war for talent has escalated — not just because unemployment is low but because there are now multiple different opportunities and shortages of suitable people for specific, often emerging skills. In turn, businesses have started to realise “that recruiting is the backbone of every company, and that applicant tracking is just not enough,” he said.

At the same time, there have been evolutions in the technology. While a lot of recruitment software (and the recruitment process) has traditionally been quite fragmented, a move to cloud solutions has provided an avenue for consolidating the process and using one platform to manage it. (Google’s launch of Hire, which lets users manage job applicants using G Suite apps; LinkedIn’s recruitment platform; Zoho and SmartRecruiter are all prime examples of how cloud platforms are being used to build more complete sourcing and tracking services.)

Coupled with this is a rising use of technology like machine learning to remove some of the more mechanical aspects of a recruiter’s job to speed up processes.

Jobvite’s three acquisitions all play into both of these trends. Canvas, for example, uses a bot to source initial information about a candidate to start the screening process before human recruiters step in to take over.

Talemetry, meanwhile, taps into marketing tech to help identify where the most ideal candidates might be in order to better target job opportunities at them, in the form of ads or other kinds of content.

Lastly, RolePoint will add a new feature to tap into referrals from existing employees, and to help manage in-company moves.

Finnigan likens the cloud-based platform approach that we’re seeing in the market to the impact Salesforce has had on the expanding concept of CRM. “We know that marketing and sales software have continued to evolve with new features like content marketing, and the same has happened in recruitment,” he said.

“We are excited to be investing in such an innovative set of technologies,” says Ron Cano, managing partner at K1 Investment Management, in a statement. “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.”

Oct
04
2017
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LinkedIn to launch Talent Insights, a new analytics tool, as it dives deeper into data

 LinkedIn, the Microsoft-owned social network for the working world with some 500 million members, has made a large business out of recruitment — with some 11 million job listings on the site at any given time, and the recruitment market providing the company with its largest source of revenue. Now it is taking another step ahead in building out that business with a new product:… Read More

Oct
05
2016
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LinkedIn will now let you discreetly signal when you’re looking for a job

7435061864_9851a35e25_k One of the hallmarks of any social network is how it pushes people to share their experiences with others, but increasingly we’ve seen a lot of moves by social platforms to give people the option to remain very private, if they choose.
One of the latest moves on this front comes from LinkedIn, the social network for the working world with some 450 million members and currently getting… Read More

Oct
04
2016
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Restless Bandit raises $8M to help companies dig through their old resume piles

restless bandit While at LinkedIn, Steve Goodman and his co-founders spent a lot of their time trying to help companies dig up the best possible candidates from those that exist around the Web — but might not have applied.
But after candidates have applied, their resumes are sitting in a database somewhere on a company’s servers. And they continue to sit there, likely untouched or only lightly… Read More

Jun
30
2016
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SmartRecruiters raises $30 million for hiring software

RECRUITMENT_MARKETING-tap_into_your_entire_hiring_pool--browser[2][1] Because managing a large pool of job applicants can be cumbersome, SmartRecruiters thinks its software has the right tools to keep you organized in your candidate search. The team counts clients like Square, Atlassian and Equinox gyms, who use SmartRecruiters to manage job postings and communicate about prospective employees. Now SmartRecruiters is arming itself with a $30 million funding… Read More

Dec
15
2015
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LinkedIn Revamps Its Jobs Listings With Big Data Analytics

LinkedIn chocolates LinkedIn, a social network focused around the working world with nearly 400 million members, is well known for how it uses algorithms to suggest potential business connections and jobs based on your profile. Now, it’s injecting more data analytics into another part of its platform: job listings.
Today LinkedIn is taking the wraps off a new version of its Jobs section, where &#8212… Read More

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