Veritone Closes Acquisition Of Broadbean

“Veritone” or the “Company” a leader in enterprise AI software and services, today 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.

The close of the acquisition is expected to significantly strengthen Veritone’s AI-driven human resources solutions suite, building on the Company’s previous acquisition of PandoLogic. With Broadbean’s distribution software, extensive network and robust data set integrated with Veritone’s programmatic and conversational AI technology, Veritone HR Solutions will deliver the benefits of advanced recruitment marketing technologies to customers worldwide. Integrating programmatic capabilities into Broadbean’s distribution platform will allow employers of all sizes to benefit from job distribution at the individual job level, save time on posting their jobs to individual publishers and pilot these capabilities on a smaller scale.

Total consideration paid was $52 million in cash on a cash and debt-free basis, subject to certain adjustments in the purchase agreement. Before synergies, the acquisition is expected to be immediately additive to Veritone’s operations and, on a standalone basis, is expected to generate SaaS and GAAP revenues of over $35 million on an annualized basis, of which approximately $30 million is subscription-based with attractive margins.

George LaRocque, market analyst and founder of WorkTech, commented, “This acquisition is further evidence of what we’re seeing in the market as organizations seek to leverage the possibilities of AI.”

Steelberg added, “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.”

Source: veritone.com