Edison Partners has exited its portfolio company, PandoLogic, a provider of intelligent hiring solutions, to Veritone (NASDAQ: VERI), a provider of artificial intelligence (AI) technology and solutions in a deal valued at USD150 million.
PandoLogic will become Veritone’s marquee offering for Human Capital Management.
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 per cent 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,” says 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,” says 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 behavioural intelligence company Jornaya, remote patient monitoring leader Health Recovery Solutions, go-to-market solutions platform Terminus, and ad tech leader TripleLift.
