Recruiter.com Group building one of the world’s largest hiring platforms

Recruiter.com Group building one of the world’s largest hiring platforms

Aggregates small and independent recruiters under a common platform and provides them with access to more clients and technology Diverse network of more than 28,000 recruiters helps organizations reduce recruiting costs and shorten recruiting cycles with access to on-demand recruiting and AI and video technology Acquisition of OneWire will add to member network and immediately expand the reach of OneWire’s SaaS platform for financial industry hiring What Recruiter.com does: Recruiter.com Group Inc (NASDAQ:RCRT) is helping to streamline the hiring process for employers and job seekers alike. The company’s diverse network of more than 27,000 recruiters helps organizations reduce recruiting costs and shorten recruiting cycles with access to on-demand recruiting and AI and video technology. Essentially, Recruiter.com aggregates smaller hiring firms and independent recruiters under a common platform and provides them with access to more clients and technology. Clients include big names like Ford Motor Company, Disney, Schlumberger and other major enterprises. The company was voted “Top Tech Company to Watch” by the CT Tech Council, cited as one of the “Top 35 Most Influential Career Sites” by Forbes, and listed by Inc. as one of the “9 Best Websites for Finding Top Talent.” Recruiter.com provides companies small and large with access to on-demand teams of virtual recruiters armed with AI-powered candidate sourcing tools. Clients can engage recruiters on an hourly basis through Recruiter.com On Demand, or they can post jobs to Recruiter.com and pay a success-based fee. The Houston-based company is rising to meet the challenge that the coronavirus pandemic has had on traditional hiring practices. As businesses turn to platforms like Zoom and Skype to substitute for in-person meetings and live interviews, the firm has introduced new platforms like video resumes to help connect qualified candidates with hiring managers earlier in the process. Led by CEO Evan Sohn and COO Miles Jennings, the $14 million company has a tight share structure with only 5.5 million shares outstanding. Sohn and co. are leading the company in 2021 with expanded capabilities to fuel its share of the $120 billion recruitment industry. How it is doing: In June, the company achieved a major milestone by uplisting to the Nasdaq and announced plans to raise $12 million via a public offering.  The money will be invested in sales and marketing efforts for the company’s on-demand recruiting software subscription tools and services, strategic acquisitions and related expenses, and general working capital.  Highlighting its growth, a month before the company reported that its first-quarter 2021 revenue rose 39% quarter-over-quarter to $3.2 million, primarily from increased use of its Recruiters on Demand business.  Recruiter.com also said 28,570 recruiters joined its virtual artificial intelligence- and video-enabled hiring platform in the quarter ending March 31.  Also in May, the company finalized its common stock acquisition of OneWire, a Software-as-a-Service- (SaaS) based recruiting and sourcing platform that hosts one of the largest communities in the financial services industry. In addition to securing OneWire’s SaaS platform, which has 700,000 members, Recruiter.com also obtained candidate-matching service Matchbook.  OneWire’s candidate database and candidate-matching service are expected to amplify Recruiter.com’s reach and build upon prior acquisitions in order to give employers and recruiters access to a broader pool of specialized talent. Recruiter.com also recently made two other acquisitions — Upsider.ai, a SaaS platform for employers that automates recruiting, and Scouted.io, a video-powered talent platform, which helps employers identify and engage high-potential talent from curated candidate pools. In addition, background-check company KarmaCheck has joined Recruiter.com’s roster of partner companies, bringing innovative and streamlined candidate screening tools to the growing Recruiter.com Marketplace. Recruiter.com also struck a partnership with WeWork as well as with QuickFee to bring flexible workspace solutions and online payment solutions to its community, respectively.  Meanwhile, as part of its shift toward video resumes, Recruiter.com recently debuted Recruit Me, a campaign dedicated to a video-first approach to hiring. As a signal of the importance of this shift in hiring, Recruiter.com opened its talent pool to sponsor 100,000 Recruit Me videos for job seekers. Recruit Me is designed to help employers by reducing hiring costs, improving the overall experience, and aligning candidates with company culture.  Also, high-growth point of sale and credit card processing company National Retail Solutions has joined the firm as a Recruit Me campaign partner.  The average cost to hire an employee is just over $4,000, according to the Society for Human Resource Management, and takes roughly 42 days, the company said. With nearly 5.5 million US workers hired in December alone, that translates into almost $23 billion and an annualized cost of $276 billion for US businesses. Also to that end, the company also launched a specialized candidate curation platform called Scouted, which is intended to leverage the power of AI and talent experts to help hiring managers recruit top talent faster. Inflection points: Recruit Me campaign’s influence on video resumes as a hiring tool Growth of its on-demand virtual training program into a substantial revenue stream in 2021 Build-out of video screening technology amidst pandemic and work-from-home conditions What the boss says: “We were pleased with our achievement of rapid organic growth, validating our on-demand model of recruiting solutions. While our realized sales growth for the quarter was over 99% organic, we also acquired two innovative recruiting technology companies, which we believe will contribute meaningfully in the quarters ahead,” CEO Evan Sohn said in a statement after the company released 1Q results.  “With multiple new-to-market software subscription-based products and new enterprise on-demand services clients, Recruiter.com is positioned for great success in a time when hiring is in tremendous focus and demand for the country.” Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham