iCIMS™, Leading SaaS Provider, Secures $35 Million Minority Investment from Susquehanna Growth Equity »
HAZLET, N.J. (January 11, 2012) – iCIMS, the leading provider of Software-as-a-Service (SaaS) talent management solutions for the SMB market, announced today that the company has secured a $35 million minority growth equity investment from Susquehanna Growth Equity, LLC (SGE). Prior to securing the investment capital, iCIMS had been self-funded, highly profitable, and grown solely organically at 43% CAGR since 2003. The company plans to significantly increase investments in marketing, product development, and additional acquisitions that will further accelerate the organization’s rapid growth and expansion plans.
iCIMS focuses on delivering intuitive and scalable solutions designed to help companies of all sizes streamline Human Resources processes. iCIMS’ flagship product, the Talent Platform, is a seamless talent management solution that adheres to the company’s “back to the basics” philosophy, providing a simple-to-use yet extremely robust talent acquisition system that automates social recruiting, applicant tracking, and onboarding processes. Recently, iCIMS was recognized as a “champion” in the Info-Tech Research Group’s Vendor Landscape Report for Talent Acquisition Systems and tied for the highest overall rating within both the product and vendor evaluations.
iCIMS experienced explosive growth in 2011, reaching its 1000-client milestone by adding an average of one new customer for every business day. The company’s growth and sustained success has garnered recognition from several leading publications, trade organizations, and analyst firms. For the sixth consecutive year, iCIMS was ranked on the Inc. 500/5000 list of America’s fastest growing private companies. In addition, iCIMS ranked on the Deloitte Technology list of the fastest growing technology companies in North America for the sixth consecutive year.
“We have been watching iCIMS and the talent management software space for quite some time and believe this well-managed, nimble, and extremely profitable SaaS company will continue to devour market share in the vast SMB space,” said Scott Feldman, Director, SGE. “iCIMS has all of the makings of a SaaS giant on the march: strong leadership, clear strategic vision, innovative products, outstanding customer service, and employees who are invested in the company direction. We are very excited about the role our investment will play in the elevation of iCIMS’ success,” Feldman concluded.
“We are invigorated by the success the iCIMS team has demonstrated over the last 11 years and our path to this point has clearly earned the confidence of SGE,” said Colin Day, CEO, iCIMS. “We could have sustained our current rate of growth without an outside investment — but the timing was ideal to take iCIMS to the next level. This minority growth equity investment from SGE will help us dramatically accelerate our aggressive expansion plans. We look forward to offering deeper and broader services and support to our clients, and further penetrating the SMB marketplace with our high-value solutions and services,” Day concluded.
As part of its expansion strategy, iCIMS plans to increase full time staff by almost 25% within the next year. These employees will be spread throughout the United States and abroad and will be concentrated in marketing, sales, and technology.
Scott Feldman, Amir Goldman, and Jonathan Klahr will join the iCIMS Board of Directors. All three SGE representatives currently serve on the boards of multiple software companies including the JK Group, PaySimple, Netformx, MMIT, and Skybox. iCIMS was represented in the transaction by Raymond James & Associates (NYSE-RJF).
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By Tim Spagnola
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