Recruiter.com Group, Inc. (OTCQB: RCRT), an on-demand video-enabled and artificial intelligence hiring platform with the world's largest network of recruiters, today announced that it acquired Scouted.io, a venture capital-backed tech startup focused on unlocking human potential by developing deep insights into candidates using video screening and AI-based scoring algorithms.
Recruiter.com’s purchase of Scouted was successfully closed on 1/31/21 through an asset purchase agreement. Recruiter.com paid for the acquisition primarily in restricted common stock.
"Using video and deep candidate profiling, Scouted understands more about its talent ecosystem than any other system that I have encountered," said Evan Sohn, CEO of Recruiter.com. "We are excited to add Scouted's exceptional video-based candidate experience to our recruiting process and help small and large employers connect with Scouted's incredible talent pool of high-potential early- and mid-career professionals."
Scouted's CEO and Cofounder, Jacqueline Loeb, a Bridgewater Associates alum, joins Recruiter.com as Senior Vice President.
"From day one, Scouted has been about this core concept: people are more than their resumes," Loeb said. "With the support of our venture capital investors, we built an AI and video-enabled hiring solution that helps companies use data to hire the right talent more effectively, significantly decreasing time-to-hire, regardless of how candidates look on paper. By joining Recruiter.com, we gain a global platform to bring our proprietary technology and unparalleled candidate experience to an even broader spectrum of people and companies."
With the acquisition, Recruiter.com continues its trajectory toward becoming a top-of-mind hiring solution. Last month, Recruiter.com launched its video platform that flips the hiring model to be much like current online dating sites, where the user can see a short video of the candidate before delving into the nuances of their background and credentials, saving hiring managers countless hours of traditional resume reviewing and telephone screening.
Scouted.io and its innovative predictive-matching algorithm are critical components of Recruiter.com's growth plan. The acquisition unlocks a prestigious client roster — spanning top global hedge funds, venture capital firms, and tech giants — to accelerate revenue opportunities. Further, Scouted pairs an engaged user base of early- and mid-career professionals with a powerful data set of proprietary metrics and analytics. Scouted's specialized database contains hundreds of thousands of talented professionals, many of whom identify as first-generation college graduates, BIPOC (Black, Indigenous, and People of Color), and LGBTQ+. These professionals rely on Scouted's virtual interview platform to go beyond their resumes and present their stories' full breadth.
At present, high-achieving candidates looking for their next great job opportunities comprise nearly one-third of the makeup of Recruiter.com's site traffic. Until now, there has been limited opportunity to capitalize on this potential revenue source. The Scouted candidate-onboarding experience provides top talent with a streamlined, data-driven process that creates an emotional attachment, resulting in high user engagement and retention.
Beyond the financial value of expediting the sourcing-to-hire timeline, Scouted's video platform also allows for greater attention to diversity in the hiring process. It tears down barriers between historically underrepresented candidate groups and top employers by dramatically expanding the types of candidate profiles visible to and reviewed by hiring managers.
"With Scouted's automated, video and data-forward approach to candidate onboarding, Recruiter.com can provide a turnkey experience that allows clients to tap more rapidly and more accurately into richly diverse talent pools." Sohn adds, "In preparation of the closing, Scouted completed the integration with our Video platform, allowing us to focus immediately on driving growth and opportunities'."
Recruiter.com Group, Inc.
Recruiter.com is a hiring platform for the world's largest network of small and independent recruiters. We empower businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. Visit https://www.recruiter.com.
For investor information, visit Recruiter.com Investor Relations Site
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Evan Sohn, CEO
Recruiter.com Group, Inc.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but is not limited to the demand for our services, revenue potential, and the economic re-opening. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.