Prytek Invests $21MM to Transform Hirewell into a Tech-enabled Recruiting Firm
Hirewell, a U.S.-based talent acquisition solutions firm, today announced a strategic investment of $21MM from Prytek, a global investment firm with deep expertise in integrating global services firms with cutting-edge technologies.
Prytek will provide capital to enable Hirewell to accelerate its organic growth and integrate technology into its managed recruiting services. As part of this investment, Hirewell will acquire ICV, a Tel Aviv-based software company.
This partnership will unite Hirewell's recruiting expertise with Prytek and ICV's technical acumen. For twenty years, Hirewell has provided best-in-class talent acquisition solutions to top organizations across the U.S. In the first ten months of 2021, Hirewell has helped over 300 companies hire over 1,700 employees. For four years, ICV has been perfecting technology that utilizes artificial intelligence and machine learning to greatly reduce the time recruiters spend searching for talent. ICV's software scans millions of public data records in seconds to build candidate funnels across all skillsets. Recruiters, on average, may spend 25-50% of their time searching for candidates for hard-to-fill roles; with ICV's software, recruiters can instead spend more time talking to candidates and filling roles. Embedding ICV's technology into Hirewell's managed recruiting services will differentiate both firms in a competitive market. The combined expertise will empower organizations to hire the best talent in a cost-effective manner and employees to find roles that best fit their ambitions.
"The talent acquisition space has evolved significantly over the past ten years, but technology has yet to truly disrupt the industry. Recruiters increasingly rely on multiple platforms, most of which don't integrate or have limited functionality, and some of which actually compete with the recruiters they claim to support. The ability to combine best-in-class recruiers with cutting-edge technology will equip us to be the ideal recruiting partner for companies that are serious about finding top talent. We are thrilled to partner with Prytek to take that step and continue delivering powerful results to our clients," said Matt Massucci, Founder and CEO of Hirewell.
"Prytek has identified the recruiting industry as ripe for disruption. Fusing premier technology with high-touch delivery will create a stand-out solution to client needs in an extremely competitive market for talent. Hirewell is the ideal company for us to partner with as we build our vertically integrated HR ecosystem. This investment enhances our vertical supply chain to ThriveDX (a portfolio company of Prytek), which builds vertically integrated solutions for cyber and IT education for universities and corporations. Now, with Hirewell's strong team and expertise, we will not only be able to create new experts, but also manage their placements and provide corporate clients end-to-end solutions for their recruiting needs," said Andrey Yashunksy, Co-CEO and Co-Founder of Prytek.
"After years of intensive research on natural language processing and machine learning technologies, we developed smart matching and sourcing solutions for the recruiting industry and are thrilled to introduce our technology to the North American market. Combining our technology with Hirewell's decades of experience will address the difficulties in recruiting employees in today's job search jungle. The acquisition is a natural fit and we're ready to propel Hirewell's hiring and technology efforts forward," offered Ran Weiss, CTO and Co-Founder of ICV.
This announcement follows a year of record employee growth for Hirewell, which rose 120% from last year. In the coming months, Hirewell will build up its software development arm, with the aim of launching its new sourcing solution in Q1 of 2022.
To learn more about this strategic investment, please contact Hirewell at 312-496-7955 or at [email protected].
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