Private equity investor High Bar has acquired global HR tech firm Silk Road Technology for an undisclosed sum and will also provide additional growth financing to improve its SaaS capabilities.
Both U.S.-based firms announced the acquisition in separate news releases. Growth equity financing also saw participation from existing investors Foundation Capital and Two Sigma Ventures.
Founded in 2003, Silk Road Technology helps recruiters attract, screen and acquire best-fit candidates. The company reaches qualified candidates through its ATS job distribution network. Silk Road also enables employers engage with and develop their existing workforce.
“SilkRoad’s existing capabilities in and vision for the talent management space put the company in a strategic position to drive significant change for enterprise organizations, to assist in the deployment of talent where the organization needs it most, and to accelerate employee contributions delivering impactful outcomes for its customers,” said Jayson Yuan, partner at HighBar Partners.
So far, Silk Road completed 25 million on-boarding sessions for 2,000 clients in 90 countries and 28 languages. Previously, it raised $202 million, according to Crunchbase.
“Together, our core solutions and long-term capabilities will put our clients in a position to effectively navigate any change or disruption with greater predictability that doesn’t exist today,” said its president and CEO Robert Dvorak.
Silk Road’s main competitors include CornerstoneOnDemand, which is to be acquired by private equity firm Clearlake Capital Group in a $5.2 billion deal, and Hireology that took over referral startup EmployUs last month.