Veritone Closes Acquisition of Broadbean

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.”