Recruiter.com Group, Inc. (OTCQB:RCRT), an online hiring platform delivering on-demand recruiting technology, today announced that it acquired Upsider.ai, an artificial intelligence sourcing software that automates candidate identification and engagement to help employers make the best hires.
"Upsider.ai's AI-based scoring engine analyzes millions of data sources to identify qualified candidates faster, cutting through the inefficiencies of the often unpredictable and traditionally expensive recruiting process," said Evan Sohn, CEO of Recruiter.com. "Innovative, high-growth technology clients such as Bombora, Litify, MovableInk, and Vestwell have recognized the value of Upsider.ai, and we are excited to bring this leading-edge technology to a broader market."
Upsider.ai co-founder and CEO Josh McBride, a SaaS sales veteran, and entrepreneur, joins Recruiter.com as Senior Vice President. McBride's co-founder and CTO, Xuan Smith, a Stanford University engineering graduate with more than ten years of predictive analytics experience, joins the Recruiter.com team as Vice President.
"We've seen the impact data and analytics can have on business performance, and we also recognize the big gap that exists between high-tech recruiting solutions and what recruiters and hiring managers need to do their jobs well," said McBride. "That's where Upsider.ai can be impactful. We embed machine learning intelligence throughout each step of the sourcing process, and that gives us a huge advantage over the other options in the market. The Upsider.ai product is simply faster, more efficient, and more predictive than any other tool available today."
With the acquisition, Recruiter.com continues on its trajectory toward becoming a top-of-mind hiring solution, providing both the tools that enable expert hiring and a network of on-demand recruiters to assist businesses in their talent acquisition efforts. Last quarter, Recruiter.com successfully launched a candidate curation platform that delivers diverse pipelines of high-quality talent to companies weekly, streamlining sourcing processes to ensure a shorter interview-to-hire timeline. In Q4 of last year, Recruiter.com launched a video platform that replaces countless hours of traditional resume reviews and phone screens with short candidate videos, which help users quickly qualify candidates before delving into the nuances of their backgrounds and credentials.
Upsider.ai and its sourcing algorithm are critical components of Recruiter.com's growth plan. The acquisition adds industry-leading technology to Recruiter.com's portfolio of SaaS tools and expert sales and engineering talent to Recruiter.com's team, enhancing its ability to deliver promising technology advancements to its expanding client base.
The Upsider.ai team's intimate understanding of the industry is due, in part, to its strategic advisory board that includes executives from recruitment technology leaders like Greenhouse, Google, and AC Lion Staffing.
"With a constant need for incredible e-commerce and digital marketing candidates, AC Lion's talent acquisition team continuously utilizes Upsider's industry-leading technology to source and engage top talent," said Alan Cutter, CEO of AC Lion Executive Search and strategic advisor to Upsider, "The AI-powered platform has enabled my team to spend more time speaking with highly qualified and engaged candidates and less time sourcing, which results in a faster interview-to-placement timeline for our clients."
There is a significant market opportunity for efficiency-driving tech solutions in the HR and recruitment space. At present, nearly $130 billion is spent annually by companies seeking to hire suitable candidates. Upsider.ai's AI-based scoring engine and platform use machine learning and data science to help hiring teams quickly identify and engage the right talent from pools of millions of qualified passive candidates. Upsider.ai's scoring engine adapts to patterns in users' candidate selection and engagement results, creating a self-evolving sourcing experience that learns and becomes more efficient over time.
"Recruiter.com's on-demand recruiting teams have implemented Upsider.ai's machine learning technology in their sourcing and screening processes, which has saved them countless hours on projects while cutting costs and time-to-hire for our clients," added Sohn. "Upsider.ai solves for pain points that traditionally slow hiring down. We're excited to bring this technology to market and help companies scale their teams efficiently and predictively."
Recruiter.com's purchase of Upsider.ai was successfully closed on March 26, 2021, through an asset purchase agreement. Recruiter.com paid for the acquisition primarily in restricted common stock.
Recruiter.com Group, Inc.
Recruiter.com is an online hiring platform delivering on-demand recruiting technology and services to both large and small businesses. With AI and video technology, and the world's largest network of recruiters, Recruiter.com delivers on-tap recruiting that flexes with hiring needs. To learn more, visit https://www.recruiter.com. For investor information, visit https://www.recruiter.com/investors.html.
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