Recruiter.com Group Inc. (OTCMKTS: RCRT), an online platform that connects employers with recruiters to find workers, has acquired the technology solutions division of recruiting technology company Uncubed.
The deal brings the software and team behind Uncubed’s talent community and candidate engagement platforms to Recruiter.com. It includes Finalist, Uncubed’s online marketplace for sourcing and screening diverse early-professional software and data candidates, and a tech-driven alternative to traditional offline campus recruiting. Recruiter.com will also add Uncubed’s job board technology and candidate engagement platform, which includes Mediabistro, a job board and professional community for media, content and creative professionals.
The Uncubed team will join Recruiter.com, including staff in technology development, product management, sales and customer support. Chris Johnson, CEO and co-founder of Uncubed, joins Recruiter.com as senior VP of marketplace.
The transaction closed on July 7, through an asset purchase agreement. Recruiter.com paid for the acquisition with restricted common stock, cash and a promissory note. According to a filing with the US Securities and Exchange Commission, the amount due at closing was $3.5 million, consisting of $500,000 in cash, a $1.75 million promissory note with an interest rate of 6% and a maturity date of July 1, 2023, and 257,545 of the company’s common stock.
“The acquisition of Uncubed's Technology Solutions business brings proprietary recruiting technology, significant clients including NBC and Penguin Random House — and a candidate network exceeding 1 million users to Recruiter.com,” said Evan Sohn, CEO of Recruiter.com. “Having a significant foothold in software and data skill sets and in the media sector, we believe the acquisition will be a tremendous growth driver for the expansion of our on-demand recruiting solutions.”
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