Veritone Inc., a developer of artificial intelligence software, announced a deal today to acquire Broadbean from jobs website operator CareerBuilder for a transaction value of $52 million in cash. Broadbean’s products and services include programmatic job advertising and software that allows users to search for candidates in their own databases. Veritone also reported two executive changes in relation to the acquisition.
The deal is set to close later this quarter or early in the third quarter. For CareerBuilder, this marks the second sale announcement this month.
Broadbean serves more than 3,000 clients in some 180 countries. It integrates with more than 100 applicant tracking systems partners. The deal is expected to add $35 million in revenue to Veritone with more than half of Broadbean’s revenue coming from outside North America.
In addition, Veritone noted that the acquisition of Broadbean will build upon its previous acquisition in 2021 of PandoLogic, a provider of programmatic job advertising. PandoLogic had revenue of $57.4 million in 2022, according to a regulatory filing.
“We believe the added financial scale and leverage — and product expansion into over 100 ATS partners — will enable us to accelerate further adoption and utilization of our AI via PandoLogic’s programmatic technology,” Veritone President and CEO Ryan Steelberg said in a press release.
Steelberg said Broadbean’s and PandoLogic’s technology is already integrated at several ATS partners.
Once the deal closes, Broadbean and PandoLogic will be rebranded as Veritone HR Solutions.
Veritone also announced that Terry Baker, president and CEO of PandoLogic, will step down and take on a new role as independent advisor to Veritone.
In addition, Veritone named Matthew O’Connor as chief revenue officer of Veritone HR Solutions. O’Connor will oversee the company’s sales and growth strategy. He has more than 20 years of experience in sales at organizations such as Randstad, Monster and Care.com.
CareerBuilder acquired Broadbean in 2014. In addition to the sale of Broadbean, CareerBuilder earlier this month reported the sale of several international business lines to Greek job board operator Kariera SA. CareerBuilder also this month reported that Jeff Furman was named CEO.