Veritone's Strategic Acquisition of Broadbean Sets Stage for HR Innovation

As the competition for top talent intensifies, organizations are increasingly turning to AI-driven solutions to gain a competitive edge, and the importance of AI-powered human resources solutions cannot be overstated in today's fast-paced and competitive business landscape, even when it comes to talent acquisition.

Veritone Inc. announced its agreement to acquire Broadbean, a provider of software-as-a-service (SaaS (News - Alert)) technology for talent acquisition and engagement. This strategic acquisition, valued at $52 million in cash, will expand Veritone's AI-powered human resources solutions offerings, building upon its previous acquisition of PandoLogic in 2021.

Veritone's HR Solutions, bolstered by the integration of Broadbean's SaaS technology, will empower employers with advanced data insights and process automation to accelerate their hiring efficiency. By leveraging AI recruiting tools to engage job seekers, Veritone aims to address the challenges presented by remote and hybrid hiring requirements and revolutionize the way companies find and retain top talent.

To better understand the significance of Veritone's acquisition of Broadbean, it is essential to delve into the history and achievements of both companies.

Broadbean has been serving over 3,000 clients worldwide and has integrated with more than 100 Applicant Tracking Systems partners. This extensive reach, combined with its focus on making talent acquisition and engagement easier and faster, has positioned Broadbean as a global force in the industry.

Veritone has been at the forefront of enterprise AI software and services, providing innovative solutions to address complex business challenges. The acquisition of Broadbean will not only expand Veritone's international footprint but also enrich its AI algorithms and analytics with over 5 billion data points of global job advertising performance.

By combining the strengths of both companies, Veritone will be able to offer an unparalleled suite of solutions that seamlessly integrate AI-driven recruitment technology with Broadbean's global distribution software and network. The resulting efficiencies throughout the recruitment funnel and the broader HR landscape will revolutionize how multinational employers approach talent acquisition and management.

The acquisition also carries immense importance for Veritone's geographic expansion. With more than half of Broadbean's revenue generated outside of North America, the combined offerings of Veritone and Broadbean will enable the company to extend its reach into new markets. The global talent acquisition landscape demands innovative solutions that can address diverse cultural and regional needs, and Veritone is well-positioned to deliver on that front.

By leveraging Broadbean's global footprint and integrating it with Veritone's AI-powered technologies, the company will accelerate its growth and establish itself as a leader in the global HR solutions market.

Ryan Steelberg, president and CEO of Veritone says the deal is significant in expanding Veritone's HR Solutions addressable market opportunity and unlocking new sales growth and development prospects.

'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,' said Steelberg.

The integration of Broadbean's expertise and PandoLogic's recruitment technology will create synergies that drive innovation and efficiency in Veritone's HR Solutions.

The acquisition of Broadbean also marks a milestone for Alex Fourlis, president of Broadbean, who will assume a new senior leadership role within the combined company. Fourlis highlighted the shared vision and cultural alignment between Broadbean and Veritone, emphasizing the potential for unlocking value in Broadbean's performance data, client base, and partner ecosystem. This seamless integration of talent and technology will pave the way for the rebranding of the combined businesses of Broadbean and PandoLogic as Veritone HR Solutions, strengthening the company's ability to cater to a diverse range of customers and markets.

In light of this acquisition, Veritone has made several executive changes within its HR Solutions business. Terry Baker, the former president and CEO of Veritone subsidiary PandoLogic, transitioned into a new role as an independent advisor to Veritone, supporting the company's HR Solutions business.

Additionally, Matthew O'Connor has been appointed as the chief revenue officer of Veritone HR Solutions. With his extensive sales experience in organizations like Randstad, Monster and Care.com, O'Connor will drive the company's growth strategy, expand partnerships, and increase Veritone's market presence in key verticals such as staffing and franchise.

Veritone's expanded suite of HR-enabled solutions will provide companies with the tools they need to optimize their recruitment processes, make data-driven decisions, and adapt to the challenges of remote and hybrid hiring. By harnessing the power of AI, Veritone aims to transform the way organizations engage with job seekers and streamline their human resource management.

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