Veritone to Acquire Broadbean, Signifying Deeper, Global Commitment for Veritone's AI-powered Human Resources Solutions

WHO

• Veritone, Inc. (NASDAQ: VERI): A leader in enterprise AI software and services.

• Broadbean: A global leader in software-as-a-service (SaaS) technology for talent acquisition and engagement, currently owned by CareerBuilder.

WHAT

Veritone has entered into an agreement to acquire Broadbean from CareerBuilder. The acquisition is valued at $52 million in cash and is expected to close in late Q2 or early Q3 2023. The transaction aims to deepen Veritone's commitment to AI-powered HR solutions and expand its global presence in the human resources market.

WHY

The acquisition of Broadbean will enhance Veritone's existing HR offerings and create cross-selling opportunities, allowing the company to leverage Broadbean's extensive customer base of over 3,000 clients and more than 100 ATS partners. The combined entity will scale Veritone's AI-powered HR Solutions business, providing a global footprint across Europe, North America, and Asia Pacific.

HOW IT WORKS

Veritone's HR Solutions, including the recently acquired PandoLogic products and services, will be combined with Broadbean's technology. This integration will enable employers to benefit from AI recruiting tools, advanced data-driven hiring decisions, and process automation, resulting in increased hiring efficiency. The acquisition will also provide Veritone access to extensive global job advertising performance data, enriching its AI algorithms and analytics for enhanced recruitment insights.

CUSTOMERS

Broadbean currently serves over 3,000 clients across more than 180 countries and is integrated with over 100 Applicant Tracking Systems (ATS) partners. The acquisition will enable Veritone to expand its customer base and address the challenges posed by remote and hybrid hiring requirements.

FUNDING

The acquisition of Broadbean is valued at $52 million in cash. The transaction is expected to generate annualized SaaS revenues of over $35 million, with over $30 million in subscription-based revenue that offers attractive margins.

KEY TAKEAWAY

Veritone's acquisition of Broadbean signifies a deeper commitment to AI-powered HR solutions and expands the company's global footprint. The acquisition will strengthen Veritone's HR offerings, accelerate cross-selling revenue opportunities, and provide access to a vast customer base and extensive ATS partnerships. The integration of Broadbean's technology will enhance Veritone's AI algorithms and analytics, enabling more efficient and data-driven hiring decisions. With this acquisition, Veritone aims to become a leader in AI-driven talent acquisition and human resources solutions, catering to multinational employers worldwide.