CareerBuilder continued to shed assets this week by divesting from TextKernel, a language-processing specialist that it invested in five years ago.
The Hague-based Main Capital, a strategic investor focused on enterprise software, bought the asset for “tens of millions of dollars,” according to Dutch news site Fd.nl. TextKernel, which was founded in 2001, boasts 1,000 recruitment clients and had a turnover of €20 million ($23.5 million U.S.) in 2019, according to Fd.nl. It is also based in the Netherlands.
CareerBuilder acquired 60% of theTextKernel in 2015, and then bought it outright in early 2019 with the aim of providing superior search results for recruiters seeking candidates and workers seeking jobs. CareerBuilder has negotiated multi-year licensing agreements in order to continue offering TextKernel’s applications to its customers.
In its official statement, CareerBuilder said proceeds from the sale would help with its plans to invest $300 million in its core Talent Acquisition Suite over the next three years.
CareerBuilder, once a top-three job board in the U.S., has historically used its profits to acquire a host of tech companies. The company now says it plans to narrow its focus to a core suite of recruitment software.
In August, CareerBuilder sold its stake in Kariera.gr, a top-3 jobs site in Greece, and in February, it offloaded its candidate background-check division, CBES, to competitor Accurate Background. Back in April 2018, CareerBuilder sold a research division, Economic Modeling Specialists International, to the nonprofit Strada Education Network.