Veritone’s planned $52 million acquisition of Broadbean from CareerBuilder will create a “very defensible, end-to-end solution” that can dominate recruitment technology, Veritone president and CEO Ryan Steelberg believes.
Speaking on the latest Inside Job Boards and Recruitment Marketplaces podcast, Steelberg said his company began pursuing the Broadbean acquisition a year ago, believing its rich candidate data and vast network of job boards would make a perfect pairing with Pandologic, the programmatic company Vertone acquired for $150 million in 2021.
“We were actually looking to close this transaction in the fourth quarter of last year,” Steelberg said. “But for … other corporate initiatives at Veritone, we had to pull back for a while.”
Recent circumstances allowed Veritone to resume negotiations and the company was “very thankful” Broadbean was still available. With due diligence already done, Veritone and CareerBuilder owner Apollo Global Management quickly settled on terms.
(The AIM Group covered the deal here.)
“When we reengaged … we were able to move through this expeditiously, despite them being owned and controlled by Apollo,” Steelberg said — though he didn’t elaborate on the difficulties involved.
Steelberg said the acquisition should close in “a few short weeks.” He said the merged offering of Pandologic and Broadbean will give clients a choice between running high-tech, automated ad campaigns and more conventional manually posted duration-based ads.
“Programmatic will definitely increase as a percentage of activity in this space,” Steelberg said. “That being said, I do believe there’s going to be a hybrid model for an extended period of time.”