HR Tech Platform, Recruiterbox Acquired by US PE Firm Turn/River Capital
According to the latest HR news, SAAS based HR Tech Platform; Recruiterbox has been acquired by San Francisco based private equity firm Turn/ River Capital. The details about the deal still remain undisclosed as of now.
An ET report stated that Recruiterbox will merge under the Applied Training Systems Inc (ATSI) banner of Turn/ River company.
Turn/ River is a company that specializes in growth capital investment, acquisition, and recapitalization of various web and SaaS companies. The main purpose of this acquisition is to build a suite of HR technology products. This US-based PE firm has acquired various HR Tech companies such as ReviewSnap and Trakstar under the ATSI banner.
The Software-As-A-Service (SaaS) Recruiterbox was founded by Girish Redekar, Raghuveer Kancheria and Raj Seth in 2011. It offers web-based applicant tracking software for streamlining the process of hiring for companies.
The co-founder of Recruiterbox, Girish Redekar said that while everyone would continue working the same role as before the acquisition, Turn/ River Capital would be expected to provide some useful insights on the sales and marketing side. This could help accelerate the growth of SaaS companies. He further added that the bright side to all of this is additional stock options for team members in the new combined entity.
Recruiterbox has continued to show immense growth ever since they acquired their first customer in 2011. Currently, they have more than 2400 paying customers and have a majority of clients are from outside India. This Bengaluru based company has 70% client in the US, 20% in Europe and other English speaking companies such as Canada and Australia, and 10% from rest of the world including Latin America, Asia, and India.
Keep reading iTMunch for more HR-related news and blogs.