Recruiter.com Acquires Artificial Intelligence Candidate Sourcing Tool, Upsider.ai
Recruiter.com Group (OTCQB:RCRT) has acquired Upsider.ai, an AI-driven candidate sourcing platform, enhancing its recruiting technology portfolio. This acquisition, finalized on March 26, 2021, allows Recruiter.com to streamline the hiring process using machine learning to identify qualified candidates more efficiently. Upsider.ai's technology is expected to reduce costs and time-to-hire, expanding Recruiter.com's service capabilities. Upsider.ai’s co-founders join Recruiter.com’s leadership team, further strengthening its expertise in the recruitment industry.
- Acquisition of Upsider.ai enhances SaaS offerings and recruiting technology.
- Upsider.ai's AI scoring engine improves candidate sourcing efficiency.
- The acquisition is likely to reduce hiring costs and time-to-hire.
- Increased capabilities to serve a market valued at nearly $130 billion annually.
- The acquisition was primarily paid in restricted common stock, potentially affecting shareholder value.
Expands Portfolio of SaaS Offerings with Data-Driven Candidate Identification and Engagement Technology
HOUSTON, TX / ACCESSWIRE / April 6, 2021 / Recruiter.com Group, Inc. (OTCQB:RCRT), an online hiring platform delivering on-demand recruiting technology, today announced that it acquired Upsider.ai, an artificial intelligence sourcing software that automates candidate identification and engagement to help employers make the best hires.
"Upsider.ai's AI-based scoring engine analyzes millions of data sources to identify qualified candidates faster, cutting through the inefficiencies of the often unpredictable and traditionally expensive recruiting process," said Evan Sohn, CEO of Recruiter.com. "Innovative, high-growth technology clients such as Bombora, Litify, MovableInk, and Vestwell have recognized the value of Upsider.ai, and we are excited to bring this leading-edge technology to a broader market."
Upsider.ai co-founder and CEO Josh McBride, a SaaS sales veteran, and entrepreneur, joins Recruiter.com as Senior Vice President. McBride's co-founder and CTO, Xuan Smith, a Stanford University engineering graduate with more than ten years of predictive analytics experience, joins the Recruiter.com team as Vice President.
"We've seen the impact data and analytics can have on business performance, and we also recognize the big gap that exists between high-tech recruiting solutions and what recruiters and hiring managers need to do their jobs well," said McBride. "That's where Upsider.ai can be impactful. We embed machine learning intelligence throughout each step of the sourcing process, and that gives us a huge advantage over the other options in the market. The Upsider.ai product is simply faster, more efficient, and more predictive than any other tool available today."
With the acquisition, Recruiter.com continues on its trajectory toward becoming a top-of-mind hiring solution, providing both the tools that enable expert hiring and a network of on-demand recruiters to assist businesses in their talent acquisition efforts. Last quarter, Recruiter.com successfully launched a candidate curation platform that delivers diverse pipelines of high-quality talent to companies weekly, streamlining sourcing processes to ensure a shorter interview-to-hire timeline. In Q4 of last year, Recruiter.com launched a video platform that replaces countless hours of traditional resume reviews and phone screens with short candidate videos, which help users quickly qualify candidates before delving into the nuances of their backgrounds and credentials.
Upsider.ai and its sourcing algorithm are critical components of Recruiter.com's growth plan. The acquisition adds industry-leading technology to Recruiter.com's portfolio of SaaS tools and expert sales and engineering talent to Recruiter.com's team, enhancing its ability to deliver promising technology advancements to its expanding client base.
The Upsider.ai team's intimate understanding of the industry is due, in part, to its strategic advisory board that includes executives from recruitment technology leaders like Greenhouse, Google, and AC Lion Staffing.
"With a constant need for incredible e-commerce and digital marketing candidates, AC Lion's talent acquisition team continuously utilizes Upsider's industry-leading technology to source and engage top talent," said Alan Cutter, CEO of AC Lion Executive Search and strategic advisor to Upsider, "The AI-powered platform has enabled my team to spend more time speaking with highly qualified and engaged candidates and less time sourcing, which results in a faster interview-to-placement timeline for our clients."
There is a significant market opportunity for efficiency-driving tech solutions in the HR and recruitment space. At present, nearly
"Recruiter.com's on-demand recruiting teams have implemented Upsider.ai's machine learning technology in their sourcing and screening processes, which has saved them countless hours on projects while cutting costs and time-to-hire for our clients," added Sohn. "Upsider.ai solves for pain points that traditionally slow hiring down. We're excited to bring this technology to market and help companies scale their teams efficiently and predictively."
Recruiter.com's purchase of Upsider.ai was successfully closed on March 26, 2021, through an asset purchase agreement. Recruiter.com paid for the acquisition primarily in restricted common stock.
Recruiter.com Group, Inc.
Recruiter.com is an online hiring platform delivering on-demand recruiting technology and services to both large and small businesses. With AI and video technology, and the world's largest network of recruiters, Recruiter.com delivers on-tap recruiting that flexes with hiring needs. To learn more, visit https://www.recruiter.com. For investor information, visit https://www.recruiter.com/investors.html.
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Company Contact:
Sarah Schultz
Director of Communications
Recruiter.com Group, Inc.
sschultz@recruiter.com
Phone: (855) 931-1500
Investor Relations:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
dave@redchip.com
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but is not limited to the demand for our services, revenue potential, and the economic re-opening. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.
SOURCE: Recruiter.com Group, Inc.
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