Curated Intel from the Talent Tech Industry
January 10-16, 2022:
• Talent acquisition & staffing technology & services market to reach $196.1B by 2028;
• Candidate sourcing & engagement platform SeekOut raises $115M and joins the exclusive unicorn club;
• Circa continues its buying spree in the DE&I space with the acquisition of JobFindah.com;
• ZipRecruiter to tap the high yield market and sell its first junk bond with $500 million deal;
• Bullhorn acquires Able to help staffing firms get new workers on assignment faster;
PLUS
• Episode 1 of the Start Smart Podcast drops soon. Get the latest research on “The Modern Recruiter: A New Look at the TA Tech Stack” from Aptitude Research.
Talent acquisition & staffing technology & services market to reach $196.1B by 2028 according to research report by FMI
The global talent acquisition & staffing technology and services market is estimated to reach $ 140.7 billion in 2022, and is further projected to register a CAGR of 5.7% to top a valuation of $ 196 billion by 2028. Talent acquisition & staffing technology and services currently account for around 13% share of the global human capital management market. Demand for marketing and advertising is likely to surge at a CAGR of 12% over the assessment period of 2022 to 2028. Market value of talent acquisition & staffing technology and services registered around 5.8% CAGR historically, from 2013 to 2021. In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, true potential will be unlocked only when organizations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organization.
Candidate sourcing & engagement platform SeekOut raises $115M
SeekOut announced a $115 million Series C Round of venture capital for its AI-powered candidate sourcing and engagement suite, what they’re calling a “Talent 360 Platform.” The round, led by Tiger Global, came with a valuation of $1.2 billion, making SeekOut the latest work tech unicorn. This brings its total raised to $188.6 million. Talent sourcing, engagement, and analytics is becoming a competitive category in 2022. As the job market continues to tighten, with more jobs open than candidates to fill them, companies are looking for innovative ways to find and engage qualified and diverse candidates. SeekOut has been largely focused on tech and developer roles while building out its capabilities. The news comes on the heels of the business reportedly increasing annual recurring revenue (ARR) by more than 3x in the past year and doubling its customer count to more than 1,000 companies.
Circa continues its buying spree in the DE&I space with the acquisition of JobFindah
Infosoft Group LLC dba Circa, formerly Local job Network, has acquired Jobfindah.com, an online marketplace for recruiting diverse talent. Jobfindah was founded by industry veteran Rathin Sinha. The acquisition follows Circa’s July 2021 acquisition of LatPro dba DiversityJobs.com and its July 2020 purchase of America’s Job Exchange.
LinkedIn Announcement
ZipRecruiter to Sell Its First Junk Bond With $500 Million Deal
ZipRecruiter Inc., the online job search and recruiting company, is looking to sell $500 million of junk bonds, its first time tapping the high-yield market, as employers confront spot shortages of workers and high turnover. The company probably will use at least some proceeds from the offering to finance acquisitions, according to Moody’s Investors Service, which is rating the notes B2, or five steps below investment grade. ZipRecruiter said the money it raises may be used for capital expenditures, investments and working capital. JPMorgan Chase & Co. is leading the sale of the notes, which are due in 2030. They are initially being offered at a yield in the low-5% range, according to a person with knowledge of the matter, who asked not to be identified as the discussions are private. The offering would represent the first time this year that a debut junk-bond issuer has sold debt. First-time high-yield borrowers including cryptocurrency exchange Coinbase Global Inc. and online game maker Roblox Corp. flooded the market last year to lock in cheap financing while rates remain low. That window may be closing as investors scan the Federal Open Market Committee meeting minutes on Wednesday for clues about future rate hikes.
Bullhorn acquires Able to deliver an incredible talent experience for the modern worker
Bullhorn(r), the cloud computing company that helps staffing and recruiting organizations transform their businesses, today announced that it has acquired Able, a longstanding Bullhorn Marketplace partner and the provider of market-leading candidate engagement and onboarding solutions. This acquisition is the latest major investment by Bullhorn in helping staffing agencies around the world to transform their businesses in an era of continued digitization. The combination of Able’s candidate engagement and onboarding solutions with Bullhorn enables agencies to efficiently meet complex onboarding requirements, reduce candidate drop-out, and get candidates on assignment faster, all while delivering an incredible candidate onboarding experience.
Episode 1 of the Start Smart Podcast: The Modern Recruiter: A New Look at the TA Tech Stack
Aptitude Research Founder Madeline Laurano and TAtech CEO Peter Weddle will explore the latest research and data on “The Modern Recruiter: A New Look at the TA Tech Stack” in the first episode of the Start Smart Podcast. Get the facts and an expert analysis of their implications for enterprise employers and SMBs in this 30-minute show that will now be available every two weeks. It’s the smart way to shape high performing recruitment teams. Download the podcast at Apple podcasts, Google podcasts, and Spotify or at TAtech.org and AptitudeResearch.com. And also, stop by our Sponsors: Talent.com and Gr8People.