A B.C. software firm specializing in recruitment may need its own technology to keep up with growth following an acquisition deal worth US$200 million.
U.S.-based K1 Investment Management is buying out Richmond’s Talemetry Inc., along with three other recruitment-focused firms, with the aim of building a larger parent company to corner the market.
“The opportunity to have a financial exit for our shareholders and our team, and then also the opportunity to join something bigger and continue on is great,” CEO Jade Bourelle told Business in Vancouver the day after the deal was announced on February 14.
Bourelle said he could not disclose the exact number Talemetry will receive out of the US$200-million deal, save for the fact it’s in the nine-figure range.
The CEO expects to hire 40 more workers in the coming year to complement its current headcount of 110 workers spread between Richmond and Kitchener, Ont.
“The mandate very much from day 1 is growth,” he said.
“The focus is to maintain and accelerate that growth.”
Also included in the merger deal are Jobvite Inc., RolePoint Inc. and Canvas.
Talemetry’s recruitment platform placed more than 300,000 people in jobs last year as it focused on large clients, such as Air Canada and Office Depot, Inc.
Jobvite’s platform is focused on mid-market clients, while RolePoint has developed an employee referral platform and Canvas has developed a text-based conversational recruiting tool.
Bourelle said Talemetry will integrate RolePoint’s and Canvas’ technology into his company’s platform, while Jobvite will do the same with its own platform as it pursues the mid-size market.
Jobvite CEO Dan Finnigan will lead the combined company totalling 400 workers.
Bourelle, meanwhile, said he plans stick around Talemetry “for the long haul.”