Business
Veritone to Acquire Broadbean, Signifying Deeper, Global Commitment for Veritone’s AI-powered Human Resources Solutions
Acquisition expected to be immediately accretive, generating annualized SaaS revenues of over $35 million, of which over $30 million is subscription-based
About this update from Veritone, Inc.
[{"type":"text","content":"\n\nAcquisition expected to be immediately accretive, generating annualized SaaS revenues of over $35 million, of which over $30 million is subscription-based with attractive margins\n\n\n\nAcquisition of Broadbean will advance current human resource offerings and accelerate cross-selling revenue opportunities\n\n\n\nWill scale Veritone’s AI-powered HR Solutions business with the addition of over 3,000 customers and more than 100 ATS partners and will provide deeper expansion into human resources markets with global footprint across Europe, North America and Asia Pacific\n\n\n\nTransaction value of $52 million in cash, expected to close in late Q2 or early Q3 2023\n\n\n\nVeritone introduces Veritone HR Solutions, combining its existing PandoLogic products and services with Broadbean, and executive changes within the business\n\n\n\n DENVER--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI) (“Veritone” or the “Company”), a leader in enterprise AI software and services, today announced its agreement to acquire Broadbean, a global leader of software-as-a-service (SaaS) technology that makes talent acquisition and engagement easier, faster and more efficient, from CareerBuilder. Covering more than 180 countries, serving 3,000+ clients and integrated with over 100 Applicant Tracking Systems (ATS) partners, the strategic acquisition of Broadbean will expand Veritone’s AI-powered human resources solutions offerings and will build upon Veritone’s acquisition of PandoLogic in 2021. Total consideration paid will be $52 million in cash on a cash- and debt-free basis. The acquisition is expected to be immediately accretive to Veritone’s operations and, on a standalone basis, is expected to generate SaaS and GAAP revenues of over $35.0 million on an annualized basis while contributing attractive EBITDA margins.\n\n\nVeritone’s Innovative HR Solutions Enable Increased Efficiencies within the Hiring Process\n\n\nBoth Broadbean and PandoLogic hold leadership positions in the rapidly evolving talent acquisition market, which is valued at $36.1 billion globally as of 2022, according to Staffing Industry Analysts. By using AI recruiting tools to engage job seekers, Veritone HR Solutions will accelerate employers’ hiring efficiency with advanced data-driven hiring decisions and process automation. With more than half of Broadbean’s revenue coming fr...