Programmatic recruitment advertising ad-platform PandLogic has acquired another New York City-based recruitment tech provider: conversational AI-provider (that's chatbot, in simpler terms) Wade & Wendy for an undisclosed sum.
According to the press release:
PandoLogic's primary offering is pandoIQ, a programmatic job advertising platform. PandoIQ automates and optimizes job ad placements to help companies meet hiring needs by predicting optimal yields for recruitment advertising budgets. Making more than 7,000 micro-decisions per minute, pandoIQ eliminates inefficiencies and waste by reaching the right candidates for the right price on the right sites at the right time.
Adding Wade & Wendy's conversational AI to pandoIQ will deliver a more personalized application and candidate experience. Not only does Wade & Wendy automate the arduous process of scheduling candidate interviews, but it also intelligently transacts time-consuming tasks such as sourcing and screening.
It's no surprise that Wade & Wendy were picked up - the two companies share a good degree of cultural overlap, and have cooperated in the past. And, the location won't hurt - despite the past year of learning how to work virtually, merging two corporate cultures can be challenged by differences in time-zones, cultures, regulations, etc.
As Drew Austin, CEO and founder of Wade & Wendy, put it: "We entertained multiple offers and chose PandoLogic given our strong cultural fit and solid foundation from which to drive future growth. As hiring rebounds sharply, it's the perfect time for our companies to come together."
One of the benefits of programmatic advertising is its ability to learn over time, and - over time - spend your budget more wisely. As the system learns more about the applicants you like, it automatically optimizes your ad targeting to attract more applicants like them. The downside is that while this is happening, there is an increase in applicant volume. Your cost-per-applicant seems low, but that's more of a volume game vs quality. Recruiting teams have to spend more time reviewing applicants that is ideal. Repeat roles, and/ or volume hiring can work well here, since quality isn't always as critical and the system will eventually mature enough to filter better, but for highly-skilled roles - often with unique needs - the volumes can work against the recruiting team.
Layering in a filtering technology, like Wade & Wendy's, helps automate much of that filtering and sorting. Baking it directly into one product offering removes issues around data-loss, integrations, and/ or issues with procurement and IT.
Related: Outmatch Acquires Harver
Related: Mysolution Acquires OnRecruit
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