HireQuest (HQI) Announces Acquisition of Recruit Media, Inc.
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HireQuest, Inc. (Nasdaq: HQI), a national franchisor of on-demand, temporary, and commercial staffing services, today announced that it has acquired Recruit Media, Inc., an HR tech start-up with a next-gen SaaS recruitment platform. The transaction was paid for with cash on hand and a modest revolver draw.
Recruit Media enables candidates to create rich multimedia profiles to better differentiate themselves and convey their skills to potential employers. It also streamlines communications with text-based chat as well as in-app video chat. Recruit Media’s technology is multi-platform with a web-based application, as well as native iOS and Android apps, to provide candidates and employers with the flexibility to use the platform in a way that best fits their needs. HireQuest will integrate the Recruit Media platform with its existing technology suite used by its franchisees to run their day-to-day business. Recruit Media’s technology will streamline workforce communications and allow franchisees to better serve their customers. In addition, the public facing web domain, www.Recruit.com, along with its respective iOS and Android apps, gives HireQuest a fully functional online job ad and recruitment platform that could become an additional business line, or stand-alone company, in the future.
“The acquisition of Recruit Media brings us to the forefront of staffing and recruiting technology and enables us to differentiate our value in the eyes of our workforce and clients. Recruiting qualified workers is a pain point for businesses across America. This platform focuses on reducing this friction point, increasing throughput to our franchisees,” commented Rick Hermanns, HireQuest’s President and Chief Executive Officer. “Many of the features and solutions of the Recruit Media platform have been on our internal technology road map for a number of years. This acquisition accelerates that road map, saving us years of development, and provides a more robust base to build upon. Technology increasingly influences all aspects of our business and with the acquisition of Recruit Media we enable our franchisees, employees, and clients to interact with one another more efficiently. We’re very excited about the opportunities this creates for our franchisees today and the opportunities it opens up for us in the future.”
Recruit Media’s Co-founder and CEO Jeff Nussbaum shared that “Recruit Media was founded on the basic principle of ‘I am more than a resume,’ that the traditional resume alone does not empower candidates to holistically represent and differentiate themselves. We are thrilled that HireQuest will carry that torch forward, expanding upon our shared vision, and are certain that its franchisees, employees and clients will benefit greatly.” Recruit Media’s Co-founder and CTO Ira Bell added, “Building the Recruit Media platform has been an incredible journey. Innovations such as advanced search algorithms, in-platform messaging, AI powered content moderation, and web and mobile video tools, including the patented teleprompter, will make wonderful additions to HireQuest’s capabilities and offerings. We are honored to have Recruit Media become part of the HireQuest family.”
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