M+E Daily

Veritone to Acquire AI-Powered Recruitment Firm PandoLogic

AI operating platform specialist Veritone has announced it will acquire New York City-based PandoLogic, which operates an artificial intelligence-powered, fully autonomous recruiting platform, in a cash-and-stock purchase of $150 million.

The acquisition gives Veritone an expansion into the human resources and talent acquisition market, with PandoLogic utilizing AI to improve the efficiency in the process of employers hiring at scale, for both mass market and difficult-to-find candidates. PandoLogic’s recruiting platform allows employers to source talent faster and more efficiently using predictive algorithms, machine learning and AI.

“This transformative acquisition builds on the strength of our organic growth, expands our addressable market with a new diversified revenue stream, and unlocks new growth and development opportunities as we integrate the platforms,” said Chad Steelberg, chairman and CEO of Veritone. “The combination of our companies extends the reach of leading AI and human capital software and SaaS solutions to the world’s largest multinational employers requiring more efficient and scalable hiring.

“We believe the added financial scale and leverage, and market expansion into talent acquisition will enable us to accelerate further adoption and utilization of our AI. Both companies have been leaders in their respective markets, including PandoLogic’s marquee leading multinational clients and Fortune 100 companies. Together, we will create efficiencies across the broader corporate landscape. We are excited about the prospects, and welcome PandoLogic’s talented team to Veritone.”

PandoLogic’s talent acquisition software is currently employed by many Fortune 100 companies “focused on reestablishing their workforce through job recovery,” according to a press release, with PandoLogic being credited with helping to hire a large portion of essential workforce. The company was recently honored as the best Human Capital Management Solution by the SIIA CODiE Awards and the Ventana Research Digital Innovation Awards.

“With our shared vision for AI and strong cultural alignment, we are looking forward to becoming a part of the Veritone family,” said Terrance Baker, CEO of PandoLogic. “In combination with Veritone, we both will be able to utilize our cognitive engines to help customers create even deeper insight and efficiencies in their hiring practices and beyond.”

Following closure of the deal in the third quarter, PandoLogic will become a wholly owned subsidiary of Veritone, operating out of Israel.