Enterprise AI software and services provider Veritone has agreed to acquire Broadbean from CareerBuilder in a deal totalling $52 million.
Broadbean is a software-as-a-service (SaaS) solution designed to make talent acquisition and engagement simpler and more efficient. The offering covers more than 180 countries, serving over 3,000 clients, and is integrated with over 100 applicant tracking systems (ATS) partners.
The addition expands Veritone’s range of AI-powered human resources solutions and builds upon its previous acquisition of PandoLogic back in 2021. Upon closing in late Q2 or early Q3 2023, Veritone said Broadbean will be combined with PandoLogic and rebranded as Veritone HR Solutions.
Broadbean will add more than five billion data points of global advertising performance to Veritone’s AI algorithms and analytics, enabling enhanced recruitment insights for customers.
“The acquisition will build on the strength of our organic growth, will expand our HR Solutions addressable market opportunity, is expected to be immediately accretive, and will unlock new sales growth and development opportunities as Veritone integrates PandoLogic’s recruitment technology into Broadbean’s global distribution software and network,” explained Ryan Steelberg, president and CEO of Veritone.
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“The combination of our companies will extend the reach of leading AI technology and HR SaaS solutions globally to the world’s largest multinational employers that require more efficient and scalable human resource and hiring solutions.”
Veritone said the acquisition is expected to add annualized SaaS revenues of over $35 million to its business, of which more than $30 million is subscription-based with “attractive margins”.
Steelberg added that the product expansion into over 100 ATS partners will also help Veritone accelerate further adoption of its AI via PandoLogic’s programmatic technology.
“The integration of Broadbean and PandoLogic technology is already in place within several ATS partners, with employers leveraging both distribution and programmatic capabilities to scale and optimize their job placements across an extensive publisher network as part of their ATS workflow,” he said.
“Together, we will create efficiencies deeper into the recruitment funnel as well as across the broader HR landscape. We are excited about the prospects, and welcome Broadbean’s talented team to Veritone.”
Alongside the acquisition, the company also announced that Terry Baker has stepped down as president and CEO of subsidiary PandoLogic, accepting a new role as independent advisor to Veritone.
Additionally, Matthew O’Connor has been appointed as chief revenue officer of Veritone HR Solutions, tasked with driving sales and growth strategy, expanding channel and reseller partnerships, as well as broadening Veritone’s reach in key vertical markets.
