Veritone, announced its agreement to acquire Broadbean, a SaaS technology provider that focuses on making talent acquisition and engagement “easier, faster and more efficient.” The company was previously owned by CareerBuilder.
According to Veritone, the acquisition will expand its AI-powered human resources solutions offerings and build upon the company’s acquisition of PandoLogic in 2022. In addition, it is expected to generate about $35 million for the company on an annual basis.
Both Broadbean and PandoLogic are highly visible operators in the talent acquisition market, which is valued at $36.1 billion globally as of 2022, according to Staffing Industry Analysts. Veritone’s HR solutions are designed to accelerate employers’ hiring efficiency by enabling data-driven hiring decisions and process automation.
Since more than half of Broadbean’s revenue comes from outside North America, Veritone believes the combination will accelerate its geographic expansion and address challenges presented by remote and hybrid hiring requirements. On top of that, Broadbean will add more than 5 billion data points of global job advertising performance to Veritone’s AI algorithms and analytics.
Veritone CEO Ryan Steelberg called the acquisition of Broadbean “transformative.” The deal integration of PandoLogic’s recruitment technology into Broadbean’s global distribution network will build on Veritone’s organic growth, expand its opportunity with HR solution and develop new sales and development opportunities, he said.
“We believe the added financial scale and leverage, and product expansion into over 100 ATS partners, will enable us to accelerate further adoption and utilization of our AI via PandoLogic’s programmatic technology,” he added.
After the transaction closes, Broadbean and PandoLogic will be integrated and rebranded as Veritone HR Solutions. The company believes this will allow Veritone to better serve customers with a broader suite of HR-enabled solutions. At the same time, Broadbean President Alex Fourlis will take on a new senior leadership role with the combined company.
By Mark Feffer
Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.
Weekly news and industry insights delivered straight to your inbox.