Veritone Closes Acquisition of Broadbean
Veritone, Inc., a leader in enterprise AI software and services, announced it has closed the acquisition of Broadbean, a global leader of software as a service (SaaS) technology that makes talent acquisition and engagement more efficient, from CareerBuilder.
Closing the acquisition is expected to significantly strengthen Veritone’s suite of AI-powered human resource solutions, building on the company’s previous acquisition of PandoLogic. With Broadbean’s delivery software, extensive network and powerful datasets integrated with Veritone’s programming and conversational artificial intelligence technology, Veritone HR Solutions will deliver the benefits of marketing technologies. Advanced recruitment for clients around the world. . Integrating programmatic capabilities into Broadbean’s delivery platform will allow employers of all sizes to benefit from individual job-level job delivery, saving time posting jobs. work for individual publishers and test these capabilities on a smaller scale.
The total amount paid is $52 million in cash, on a cash and debt-free basis, subject to certain adjustments in the sale and purchase agreement. Prior to the synergy, the acquisition is expected to immediately add to Veritone’s operations, and on a standalone basis, is expected to generate more than $35 million in SaaS and GAAP revenue on an annual basis. annually, of which about $30 million is subscription-based by an attractive margin.
“The Broadbean acquisition accelerates Veritone’s mission to disrupt and modernize attractive market verticals — including the global talent acquisition and staffing technology and services market, which is forecasted to be $196 billion by 20281 — by leveraging AI-based automation, optimization and intelligence at global scale,”
“The lifeblood of AI is data. The combination of Broadbean’s data set of over 5 billion job advertising performance data points from its installed base of over 3,000 customers and 100 ATS partners and Veritone’s AI-enabled recruitment technology solutions, positions Veritone to further enhance recruitment insights for customers and scale AI-driven enhancements across its business.”
“As we take advantage of Broadbean’s extensive integrations, we envision many exciting attribution and down-funnel opportunities that we will continue to investigate, invest in and ultimately bring to market.”
Ryan Steelberg, President and Chief Executive Officer of Veritone.
“This acquisition is further evidence of what we’re seeing in the market as organizations seek to leverage the possibilities of AI.”
George LaRocque, market analyst and founder of WorkTech.
