Veritone Closes Acquisition of Broadbean
14 6월 2023 - 9:00PM
Business Wire
Accelerates AI Leadership in Global Talent
Acquisition and Recruiting
Veritone HR Solutions delivers powerful suite
of AI-enabled recruitment solutions to enhance operational
efficiency, automation and data-driven hiring decisions for
employers
Veritone, Inc. (NASDAQ: VERI) (“Veritone” or the “Company”), a
leader in enterprise AI software and services, today announced it
has closed the acquisition of Broadbean, a global leader of
software as a service (SaaS) technology that makes talent
acquisition and engagement more efficient, from CareerBuilder.
The close of the acquisition is expected to significantly
strengthen Veritone's AI-driven human resources solutions suite,
building on the Company’s previous acquisition of PandoLogic. With
Broadbean’s distribution software, extensive network and robust
data set integrated with Veritone’s programmatic and conversational
AI technology, Veritone HR Solutions will deliver the benefits of
advanced recruitment marketing technologies to customers worldwide.
Integrating programmatic capabilities into Broadbean’s distribution
platform will allow employers of all sizes to benefit from job
distribution at the individual job level, save time on posting
their jobs to individual publishers and pilot these capabilities on
a smaller scale.
Total consideration paid was $52 million in cash on a cash and
debt-free basis, subject to certain adjustments in the purchase
agreement. Before synergies, the acquisition is expected to be
immediately additive to Veritone’s operations and, on a standalone
basis, is expected to generate SaaS and GAAP revenues of over $35
million on an annualized basis, of which approximately $30 million
is subscription-based with attractive margins.
“The Broadbean acquisition accelerates Veritone’s mission to
disrupt and modernize attractive market verticals -- including the
global talent acquisition and staffing technology and services
market, which is forecasted to be $196 billion by 20281 -- by
leveraging AI-based automation, optimization and intelligence at
global scale,” said Ryan Steelberg, President and Chief Executive
Officer of Veritone. “The lifeblood of AI is data. The combination
of Broadbean’s data set of over 5 billion job advertising
performance data points from its installed base of over 3,000
customers and 100 ATS partners and Veritone’s AI-enabled
recruitment technology solutions, positions Veritone to further
enhance recruitment insights for customers and scale AI-driven
enhancements across its business.”
George LaRocque, market analyst and founder of WorkTech,
commented, “This acquisition is further evidence of what we’re
seeing in the market as organizations seek to leverage the
possibilities of AI.”
Steelberg added, “As we take advantage of Broadbean's extensive
integrations, we envision many exciting attribution and down-funnel
opportunities that we will continue to investigate, invest in and
ultimately bring to market.”
To learn more, visit: veritone.com/broadbean-acquisition
About Veritone
Veritone (NASDAQ: VERI) is a leader in artificial intelligence
(AI) solutions. Serving organizations in both commercial and
regulated sectors, Veritone’s software, services, and industry
applications simplify data management, empowering the largest and
most recognizable brands in the world to run more efficiently,
accelerate decision making and increase profitability. Veritone’s
leading enterprise AI platform, aiWARE™, orchestrates an
ever-growing ecosystem of machine learning models to transform
audio, video and other data sources into actionable intelligence.
Through its robust partner ecosystem and professional and managed
services, Veritone develops and builds AI solutions that solve
problems of today and tomorrow.
To learn more, visit Veritone.com.
Safe Harbor Statement
This press release contains forward-looking statements,
including without limitation, statements regarding the Broadbean
acquisition, the expected benefits of the Broadbean acquisition and
the impact of such developments on the Veritone’s business and
results of operations. In addition, words such as “may,” “will,”
“expect,” “believe,” “anticipate,” “intend,” “plan,” “should,”
“could,” “estimate” or “continue” or the plural, negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements, and any statements that refer
to expectations, projections or other characterizations of future
events or circumstances are forward-looking statements. These
forward-looking statements speak only as of the date hereof, and
are based on management’s current assumptions, beliefs and
information. As such, Veritone’s actual results could differ
materially and adversely from those expressed in any
forward-looking statement as a result of various factors. Important
factors that could cause such differences include, among other
things, potential adverse reactions or changes to business or
employee relationships as a result of the Broadbean acquisition;
the response of competitors to the Broadbean acquisition; the
ultimate difficulty, timing, cost and results of integrating the
operations of Veritone and Broadbean; the effects of the business
combination of Veritone and Broadbean, including the combined
company’s future financial condition, results of operations,
strategy and plans, which are difficult or impossible to predict
accurately and many of which are beyond the control of Veritone.
Certain of these judgments and risks are discussed in more detail
in the Veritone’s Annual Report on Form 10-K, and other periodic
reports filed with the Securities and Exchange Commission. In light
of the significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by Veritone or any other
person that Veritone’s objectives or plans will be achieved. The
forward-looking statements contained herein reflect Veritone’s
beliefs, estimates and predictions as of the date hereof, and
Veritone undertakes no obligation to revise or update the
forward-looking statements contained herein to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events for any reason, except as required by law.
______________________________ 1 Future Market Insights
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Company Contact: Mike Zemetra Chief Financial Officer
Veritone, Inc. investors@veritone.com
IR Agency Contact: Stefan Norbom Prosek Partners
203-644-5475 snorbom@prosek.com
Media Contacts: Valerie Christopherson or Lora Metzner
Global Results Comms (GRC) 949-608-0276
Veritone@globalresultspr.com
Veritone (NASDAQ:VERI)
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Veritone (NASDAQ:VERI)
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