Doximity explodes, PandoLogic sells: news of the job board industry

The weather’s hot in my neck of the woods – and the pace of activity in the job board industry is blistering. Big news on the funding and acquisitions front this time, plus lots of other interesting tidbits (like Doximity!). Let’s get to it!:

• Veritone acquires PandoLogic: PandoLogic, a provider of an AI-powered programmatic job advertising platform, is being acquired by Veritone Inc. (NASDAQ: VERI), a provider of an operating system for artificial intelligence. PandoLogic will operate as a wholly owned subsidiary of Denver-based Veritoen with no material changes expected for PandoLogic employees and customers. Total consideration is $150 million; a valuation of New York-based PandoLogic at approximately three times its 2021 revenue. PandoLogic is generating more than $50 million in software-as-a-service and related revenue and has more than $25 million in EBITDA on a pro forma 2021 basis. Another programmatic is sold!
• Candidate.co gets funding: Candidate.co, a U.S. employment referral startup, received a $4 million U.S. seed round the same day it came out of beta earlier in June. The company pays up to $6,000 for referrals that get hired for open positions with other, early-stage tech startups that, up to now, are the company’s primary clients. Vetted referrers submit people from their personal network. Hmm.
• ALLY Energy acquires site:  ALLY Energy, the online platform for the energy workforce, has acquired Clean Energy Social, the jobs and networking community for the clean energy industry. The acquisition also makes ALLY an integrated energy site for driving inclusion through career resources, content, training, events, networking, and sharing across the entire energy space. Congrats are in order.
• DHI frees itself (kinda) of eFinancialCareers: DHI Group Inc. announced that it has transferred majority ownership of its financial services career site eFinancialCareers to the site’s management team. DHI will retain a 40% equity interest in eFinancialCareers and have board representation. DHI is based in Centennial, Colorado, and operates job boards Dice and ClearanceJobs. Revenue for eFinancialCareers fell 22% in the first quarter excluding the impact of foreign exchange, DHI previously reported. It keeps getting smaller.
• CareerBank revenue up: Japan-based recruitment company Career Bank saw sales increase 8.2% to Y6.1 billion ($56 million) for the year ending in May. The company runs a wide range of staffing, human resource development and employment support services. Its job sites include temp-focused Career-Bank.jp/Haken, Career-Bank.jp/Tenshoku, Career-Bank.co.jp/Job/Senior for senior citizens and Career-Bank.jp/Medical for medical professionals. Annual operating profit surged 48% to Y168 million. Impressive.
• TestGorilla raises cash: Amsterdam’s TestGorilla has raised $10 million in seed funding in order to carry on with the goal of creating a comprehensive testing library to cover a wider range of job skills, culminating in more accurate data analysis and predictability of candidate success. Through its proprietary technology and methodology, by taking a blind, data-driven approach, TestGorilla claims to remove unconscious bias. Launched in 2020, TestGorilla is already servicing over 1,500 firms. Interesting.
• Doximity IPOs: Doximity, a niche networking site for physicians, went public, and within days posted a market cap of $10 billion (yes, that’s 10 with a B). Since its launch in 2009 in San Francisco, it has built up a user base of 1.8 million medical professionals, including 80% of U.S. physicians and 90% of American medical students. While building out the user base, the startup also created a secure way for doctors to share information with patients and other doctors. The company makes money via ads and recruitment. All I can saw is, wow.
• TopFunnel acquires Teamable: TopFunnel, an AI-powered recruiting startup that high-growth companies use to scale, has announced the acquisition of Teamable to improve referral-based recruiting. Teamable’s referral software aggregates employees’ contacts from their social and professional networks to provide recruiters with a more focused group of potential candidates. Congrats!
• Circa acquires LatPro:  Infosoft Group, LLC, dba Circa, announced the purchase of Colorado-based LatPro, Inc., dba DiversityJobs, a leading diversity recruitment and OFCCP HR compliance technology solutions provider, which will become a subsidiary of Infosoft. LatPro and its sister site DiversityJobs are pioneering diversity job boards founded by Eric Shannon. Another round of congrats! (Personal note: Eric was an early supporter and friend of the Doctor!!).
• SmartRecruiter raises funds: SmartRecruiters, a cloud-based ATS, announced that it closed a $110 million Series E round led by Silver Lake Waterman with participation from existing investors Insight Partners and Mayfield Fund. The new capital brings the company’s total amount raised to $205 million, with a valuation of $1.5B. The company plans to use the cash to expand its market and to build more intelligence into its platform. Congrats!
• Alma Career revenue up: Alma Career, which houses Alma Media‘s recruitment businesses in ten countries in Eastern Central Europe, saw its revenue and adjusted EBITDA increase in H1 of FY2021. The company’s H1 revenue amounted to €36.2 million ($42.6 million U.S.) — up 13.4% from €31.9 million in H1 2020. Its adjusted EBITDA increased 8.3% to €14.2 million ($16.7 million U.S.) from €13.1 million in the same period a year earlier. The Alma Career segment includes recruitment sites Monster.fi, Jobs.cz, Prace.cz, CV Online, Profesia.sk, MojPosao.net and MojPosao.ba, the Seduo online training service and Prace za rohem. Good news.
• Greenhouse launches Job Ad Market: Greenhouse, a hiring software company, has introduced Job Ad Market, a new functionality that offers customers instant access to thousands of global job boards from within Greenhouse.  The ability to access a global portfolio of over 1,000 job boards from within the Greenhouse ATS increases the speed and ease with which recruiters can post jobs and source candidates. Customers receive job board recommendations based on historical and industry performance, region and job function to ensure they are targeting the most effective job boards for their pecific sourcing needs. Intriguing.
• CareerBuilder’s got a brand new CEO: CareerBuilder, has announced that technology industry veteran Susan Arthur has been named Chief Executive Officer, effective immediately. Irina Novoselsky will continue on as an advisor after running the company for the past few years. Arthur joins from Optum, where she served as Chief Operating Officer for the $10B technology and services division, OptumInsight.  Prior to Optum, Arthur was Group President at NTT Data and has also held strategic leadership roles at DXC Technology, Hewlett Packard Enterprise, and Electronic Data Systems. Best of luck!

See what I mean about blistering? Lots money, lotsa action, and lotsa changes. Never a dull moment if you’re in the “I thought job boards were dead” industry!

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