Veritone (NASDAQ:VERI) is acquiring Broadbean from CareerBuilder for $52M in cash to boost its AI-powered human resources solutions.
Broadbean is a software-as-a-service (SaaS) technology for talent acquisition and will expand Veritone’s AI-powered human resources solutions offerings and build upon its acquisition of PandoLogic in 2021.
Veritone said that after-closing, the combined businesses of Broadbean and PandoLogic will be integrated and rebranded as Veritone HR Solutions.
The Broadbean acquisition will add more than 5 billion data points of global job advertising performance to Veritone’s AI algorithms and analytics, according to the company.
“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,” said Veritone’s President and CEO Ryan Steelberg.
Veritone added that the acquisition is expected to be immediately accretive to its operations and, is expected to generate annualized SaaS and GAAP revenues of over $35M, of which over $30M is subscription-based with attractive margins.
The transaction is expected to close in late Q2 or early Q3.
Executive changes in HR Solutions business:
Veritone said Terry Baker has stepped down as president and CEO of subsidiary PandoLogic and accepted a role of independent advisor to Veritone, supporting the HR Solutions business.
In addition, Veritone appointed Matthew O’Connor as chief revenue officer of Veritone HR Solutions.
VERI -12.21% to $$3.74 premarket May 31
By: Ravikash, SA News Editor