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Human Capital Management: HR Technology Sector Review HUMAN CAPITAL MANAGEMENT SPECIAL FOCUS ON HR TECHNOLOGY Your Single Source For “All Things Human Capital®” Mergers & Acquisitions Public and Private Financings Strategic Advisory & Growth Capital August 2017 HR Technology Edition www.delanceystreetpartners.com Five Tower Bridge | Suite 420 | 300 Barr Harbor Drive | West Conshohocken | PA| 19428 HR Technology Sector Review As part of our Human Capital Management sub-sector research, Delancey Street Partners is pleased to present this HR Technology Edition. This HR Technology Sector Review provides an overview of the current HR Technology market as well as a look into recent and historic related M&A transactions and Private Equity Financings. We also provided an overview of key differentiators, a taxonomy, and an overview of valuation drivers. Delancey Street Partners Delancey Street Partners is an independent, industry-focused investment bank. We serve CEOs, Entrepreneurs, Shareholders and Boards of Directors of high growth and middle market private and public companies. Our services include strategic advisory, capital raising and independent board advice. We advise on sell-side and buy-side M&A, growth capital financings and recapitalizations. Bill Filip leads Delancey’s Business Services & Technology practice, which includes a strong focus on the Human Capital Management marketplace. Additional Delancey sectors include Healthcare, Industrial & Industrial Technology, and Infrastructure. We form long-term partnerships with our clients and commit to managing each engagement with senior professionals who bring years of experience and insight. William J. Filip Patrick E. Dolan B. Andrew Schmucker David K. Allebach Jacques H. Fu Managing Director Managing Director Managing Partner Director Vice President (484) 533-6312 (484) 533-6311 (484) 533-6313 (484) 533-6315 (484) 533-6316 [email protected] [email protected] [email protected] [email protected] [email protected] HCM: HR TECHNOLOGY SECTOR REVIEW 1 Contents DSP’s Human Capital Management: “All Things Human Capital®” Special HR Technology Edition Volume: August 2017 Departments 45 Big Ideas: HR Technology Q&A with Josh Bersin 3 HR Technology News Human Capital expert 18 DSP HR Technology Observations and Founder of Bersin by Deloitte sits down with 31 Market Performance and Valuation DSP to give us his thoughts on important 45 Big Ideas Q&A with Josh Bersin topics and interesting 52 Select HR Technology M&A Transactions trends in the world of Human Capital 65 Notes & Disclosures Management and HR 67 About Delancey Street Partners & Technology. Delancey Street Capital Partners How to Subscribe This was prepared by Delancey Street Partners and is for informational purposes only (see important disclosures). If you would like a free subscription (or reprints of prior The Delancey team will be attending the HR Technology editions) please e-mail your name and contact info to Matt Conference from October 10th – 13th. Please reach out to us to Dougherty at [email protected]. schedule a time to meet and catch up. See you in Las Vegas! HCM: HR TECHNOLOGY SECTOR REVIEW 2 HR Technology News Category Page Pre-Hire 4-6 Hire/Onboarding 7-8 Compensation 8-9 Talent Management/ Succession 9-11 Broader HR Technology 11-15 AI & Predictive Analytics 15-17 3 Industry News Pre-Hire ■ Indeed Acquires Interviewed – August 4, 2017 – Austin, TX-based ■ Yello, Inc. Raises $31 Million Series C Financing – June 12, 2017 – Indeed announced its acquisition of San-Francisco-based Interviewed. Chicago-based Yello (fka: Rescolu), a talent acquisition software Interviewed develops automated screening tools and simulations to developer, announced that it raised $31 million in Series C financing led give a candidate the experience of what the job will entail. All of by new investor, JMI Equity, and existing investor First Analysis Interviewed’s employees will become Indeed employees as part of the Corporation. The company has raised more than $46 million in funding acquisition. “Interviewed’s technology is a natural extension, over four rounds. Peter Arrowsmith of JMI Equity joins Yello’s board of allowing job seekers to demonstrate their skills, and enabling directors. “This investment is a big win for Yello clients, our incredible employers to quickly and easily identify the best candidates for their employees, and the city of Chicago. We will create many new jobs roles," Indeed president Chris Hyams said in a statement. throughout the organization to further support and champion the success of our clients as they work to hire the best talent for their ■ MoBerries GmbH Raises $2 Million Series A Financing – June 25, organizations,” said Dan Bartfield, Yello’s co-founder and president. 2015 – Berlin, Germany-based MoBerries announced it has raised $2 million in Series A financing from High-Tech Gründerfonds ■ SilkRoad Data Shows Indeed Top Source for Hires – May 31, 2017 – Management GmbH, Littlerock GmbH, 42 Capital I Holding GmbH For the sixth consecutive year, research from SilkRoad suggests that and several renowned angel investors, Michael Brehm, Thomas Indeed is the top job search engine for external hires and interviews. Baum, Dr. Magnus Tessner, Tim Stracke, Paul Schwarzenholz, among SilkRoad’s 2017 Sources of Hire report indicates Indeed led to two times others. MoBerries operates an online platform to match recruiters and as many hires as all other branded online sources combined. According candidates on demand. The proceeds will be used to further develop to SilkRoad, Indeed delivered 72% of interviews and 65% of hires in proprietary technology and expand internationally. 2016, compared to 10% and 8% respectively for LinkedIn. ■ Apollo Purchases Majority Stake in CareerBuilder for $475 Million ■ Job Digital Networks Receives $22 Million Series C Financing – May – June 19, 2017 – Chicago-based, CareerBuilder, a SaaS platform that 23, 2017 – Job Digital Networks, developer of CornerJob, a mobile connects job seekers and employers globally, has been purchased by application for recruiters and candidates, received $22 million in Apollo Global Management (NYSE:APO) and the Ontario Teachers’ financing from 5M Ventures, Antai Venture Builder, Augesco Pension Plan. Apollo and the pension plan acquired a 75.7% stake in Ventures, Innogest SGR S.p.A, Northzone Ventures, Sabadell CareerBuilder from Tribune National Marketing Company, TEGNA Capital, Samaipata Ventures, Mediaset España Comunicación, S.A. Inc. (NYSE:TGNA) and Knight Ridder Digital, Inc. (BME:TL5), Randstad Innovation Fund, TF1 Group (ENXTPA:TFI), and others. Job Digital Networks has now raised in excess of $60 million ■ Entelo Raises $20 Million Series C Funding – June 16, 2017 – San over five rounds of financing. Francisco-based Entelo, a provider of cloud-based recruiting software, announced that it has received $20 million in Series C ■ JobTeaser SARL Raises $16.6 Million Series B Financing – May 16, funding led by U.S. Venture Partners with participation from existing 2017 – Paris-based JobTeaser SARL announced that it has received investors Battery Ventures, Shasta Ventures, and Correlation $16.6 million in its Series B funding from Alven Capital Partners, Ventures. Entelo has now raised in excess of $40 million in financing. IDInvest Partners SA, and Korelya Capital. JobTeaser SARL owns and operates a recruiting platform for students and graduates. HCM: HR TECHNOLOGY SECTOR REVIEW 4 Industry News (continued) Pre-Hire ■ DHI Announces It Will Divest Certain Businesses – May 3, 2017 – DHI ■ CareerStack Innovations Raised $4.6 Million Series A Financing will divest several online professional communities including BioSpace, – April 11, 2017 – Bangalore, India-based CareerStack Innovations HCareers, Health eCareers, and Rigzone to maintain its tech-focused announced it received $4.6 million in financing led by new strategy. Management believes this will allow DHI to focus on becoming a investor DHI Group (NYSE: DHX). CareerStack operates a SaaS leading global provider of recruitment and talent solutions focused recruitment solution for technical hiring needs. Its platform primarily on tech professionals. enables companies to hire developers and programmers by delivering online programming tests across various programming ■ Work Today, Inc. Raises $1.1 million in Seed Financing – April 28, 2017 – languages and platforms. Work Today announced a $1.1 million seed round of funding led by EMERGE s.a.-n.v., GAN Ventures, Hone Capital, MuckerLab, and Social ■ Patrick Amaral Joins gr8 People as Chief Customer Officer – Capital. Work Today will use the proceeds to further its mission of April 11, 2017 – Philadelphia-based gr8 People, a provider of connecting workers with jobs through SMS. Work Today has now raised enterprise recruiting software announced that HR Tech veteran approximately $1.4 million over two rounds of financing. Patrick Amaral has joined the company as Chief Customer Officer. ■ AMN Transforms Recruiting with gr8 People – April 25, 2017 - gr8 People ■ Beamery Raises $5 Million – April 11, 2017 - London-based welcomed AMN Healthcare as its newest enterprise customer. Through the Beamery has closed a $5 million Series A for its candidate collaboration, AMN Healthcare will enhance its industry leading RPO relationship software. The round is led by Index Ventures, with practice and services, with gr8 People’s powerful Talent CRM and participation from Edenred Capital Partners, GP Ventures, and Recruitment Marketing Platform which combines CRM, job distribution,
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