Edison Partners Announces Sale of PandoLogic for $150 Million to Veritone
"PandoLogic has truly been a remarkable growth story, with the company rapidly adapting its strategy, go-to-market, and technology to match the fast-changing recruitment market," said David Nevas, Partner at Edison Partners who led the investment.
PRINCETON, N.J., July 22, 2021 /PRNewswire-PRWeb/ -- Edison Partners, the growth equity investment firm, today announced the exit of its portfolio company, PandoLogic, a leading provider of intelligent hiring solutions, to Veritone (NASDAQ: VERI), a leading provider of artificial intelligence (AI) technology and solutions. PandoLogic will become Veritone's marquee offering for Human Capital Management. The transaction is valued at $150M and generated an exceptional return for Edison.
Through the pandemic, a period of unprecedented volatility in the job market, PandoLogic is credited with helping to hire a large portion of essential workers and partnering with many of the Fortune 100 to re-establish their workforces through job recovery. The company has experienced 700% growth since Edison's initial investment in 2013. Veritone's proprietary AI stack will be integrated with PandoLogic's AI recruitment marketing and conversational AI recruitment platform to further enhance the sourcing of candidates across multiple channels.
"PandoLogic has truly been a remarkable growth story, with the company rapidly adapting its strategy, go-to-market, and technology to match the fast-changing recruitment market," said David Nevas, Partner at Edison Partners who led the investment. "When we initially invested, the category leaders included legacy job boards and newspaper help-wanted ads – most of whom no longer exist. This market has changed dramatically during our investment, and it's a testament to this management team's dedication and creativity that they've been able to harness shifting industry dynamics and build a true industry leader. We're thrilled to have been a part of their growth story."
"Edison Partners brings a truly differentiated value proposition; the very rare combination of growth capital and operating leverage. With David as a strategic partner, and not just an investor in our business, PandoLogic moved to the forefront of AI-enabled recruitment. Our growth journey with Edison tells the classic story of category creation followed by fast growth. Today, our AI recruitment platform is the industry best practice. We're thankful to the Edison team and look forward to our next stage of growth with Veritone," said CEO Terry Baker.
The investment follows Edison achieving its fourth consecutive record year for total exit proceeds. Edison is on track to surpass this record again in 2021. In the last six months, Edison investments and exits have spanned behavioral intelligence company Jornaya, remote patient monitoring leader Health Recovery Solutions, go-to-market solutions platform Terminus, and ad tech leader TripleLift.
About PandoLogic
Based in NYC and Tel Aviv, PandoLogic is the leading recruitment marketing and conversational AI platform in North America. Its platform, pandoIQ, automates and optimizes job placements to help companies meet hiring needs while maximizing recruitment spend. Evaluating 100T job data points and making 7,000 micro-decisions per minute, pandoIQ eliminates inefficiencies and waste by reaching the right candidates at the right time via a single performance-based platform. One vendor, one source of truth, better results.
About Edison Partners
For 35 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm's investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in enterprise solutions, financial technology, and healthcare IT sectors, Edison targets high-growth companies located outside Silicon Valley with $10 to $30 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases. Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets.
About Veritone
Veritone (NASDAQ: VERI) is a leading provider of artificial intelligence (AI) technology and solutions. The company's proprietary operating system, aiWARETM, powers a diverse set of AI applications and intelligent process automation solutions that are transforming both commercial and government organizations. aiWARE orchestrates an expanding ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. The company's AI developer tools enable its customers and partners to easily develop and deploy custom applications that leverage the power of AI to dramatically improve operational efficiency and unlock untapped opportunities. Veritone is headquartered in Denver, Colorado, and has offices in California and London. To learn more, visit Veritone.com.
Media Contact
Alexandria Symos, Edison Partners, 908-770-6883, [email protected]
SOURCE Edison Partners
