CareerBuilder to Acquire WORKTERRA (MNI) (TRCO)
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After launching the world's first pre-hire platform and transitioning from a job board to a global HR Software as a Service provider, CareerBuilder is disrupting the industry once again with a bold acquisition that will take its business into a whole new arena. CareerBuilder announced today that it is acquiring WORKTERRA, a leading innovator in cloud-based benefits administration and talent management. The purchase will significantly expand CareerBuilder's product offering beyond recruitment into post-hire solutions and complete CareerBuilder's evolution into a full-fledged human capital management company. Terms of the deal were not disclosed.
Founded in 2006, WORKTERRA quickly built a reputation for delivering cutting-edge solutions to help manage the employee lifecycle. From onboarding and benefits administration to wellness and compliance, WORKTERRA offers a configurable, unified system with one login and no outsourcing or third-party apps. More than 600,000 employees are on the WORKTERRA system today.
"CareerBuilder has reinvented who we are as a company over the last few years," said Matt Ferguson, CEO of CareerBuilder. "This acquisition is a defining moment because it enables us to step beyond recruitment and become an end-to-end human capital management firm. WORKTERRA is a fast-moving, fast-growing company with deep functionality built from the ground up. Working together, we will bring an unprecedented scope of innovation to market that will solve critical issues clients face in hiring, developing and managing employees."
Last year, CareerBuilder officially introduced its pre-hire platform, which combines a massive recruitment and sourcing network with data-infused software. Companies can determine the best markets to find candidates based on supply and demand, post to 7,000 job sites and social channels, source from 100 million profiles, build optimized career sites that automatically re-engage candidates, manage recruitment workflow, conduct background checks and get real-time reports on the performance of recruitment sources. Companies can buy the whole system or purchase solutions a la carte.
"We're excited to become part of a company that is known for having a strong brand and superb technology and customer service," said David Rhodes, CEO of WORKTERRA. "WORKTERRA's and CareerBuilder's solutions will perfectly complement one another and bring more options, efficiencies and value to our clients for both the pre-hire and post-hire side of business."
While serving companies of all sizes, the primary target for CareerBuilder and WORKTERRA's human capital management solutions is mid-size firms – a market estimated at $18.1 billion.1
1 Analysis from The Starr Conspiracy, author of Human Capital Management Vendor Brandscape reports
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