Merger Brings Together Highly Complementary Products, Enhances Scale, Expands Geographic Reach, and Doubles Size of Organization
BOSTON, June 14, 2017 /PRNewswire/ -- Erecruit™, the leading innovator in enterprise staffing software, VMS and onboarding solutions for large staffing firms, announced today that it is merging with Bond International Software creating the industry's most complete end-to-end staffing platform.
This merger will increase Erecruit's and Bond's operational scale, extend geographical reach across the United States, Europe and Asia, will more than double the size of the employee base, and expand the product portfolio. The companies will continue to invest in their core flagship products and lead the market in product innovation. David Perotti, the Chief Executive Officer of Erecruit, will assume the role of the Chief Executive Officer of the merged organization.
Symphony Technology Group (STG), a global private equity firm with a successful history of building leading global companies at the intersection of software, analytics and services in the Human Capital Management (HCM) space, will become the majority owner of the combined entity. North Bridge Growth Equity will retain a minority ownership stake.
"STG's significant investing experience in the HCM space has given us a unique perspective into trends shaping the industry such as the escalating war for talent, the consumerization of recruiting and the rapidly shifting online recruiting landscape," said William Chisholm, Managing Director and Chief Investment Officer, STG. "Our acquisition of Bond was the first step in our goal of building a market leading provider of innovative and differentiated software and analytics to help the staffing industry navigate these trends. With the acquisition of TempBuddy and now, the merger with Erecruit, we are continuing down the path of realizing that vision."
Sunit Mukherjee, Principal at STG commented, "The combination of Erecruit and Bond brings two established companies together to handle the complete needs of the global staffing industry. The combination will have an unmatched track record in both the enterprise and mid-market segments, and will offer the most comprehensive global staffing software platform available. We believe that both Bond and Erecruit's customer bases will benefit from the suite of complementary products and added scale of the platform, which will allow the company to innovate at a faster pace. We are excited for the combined potential of the two companies and look forward to working with David Perotti and his team moving forward."
The complementary product portfolios of Erecruit and Bond create a leading staffing software offering that services staffing firms of all sizes across professional, commercial and healthcare verticals. TempBuddy, which merged with Bond in November 2016 and is a temporary recruitment application providing a mobile, real-time workforce management platform, will be fully integrated into Erecruit's enterprise software platform. The combined products will offer Front Office, Middle Office, Onboarding and full VMS modules. TempBuddy will also continue to be available as a dedicated contingent workforce application to help staffing companies who have adopted other recruitment CRMs to better manage their temporary workers.
"The merger with Bond combined with the STG partnership positions the combined company as a stronger and more scalable player with the ability to serve the needs of the global staffing industry," said David Perotti, Chief Executive Officer of Erecruit. "It is a 'win win' for all customers as the now global company will be focused on innovative product development, increasing customer satisfaction and improving support."
About Erecruit (www.erecruit.com)
Erecruit is the leading innovator in enterprise staffing software, VMS and onboarding solutions for large staffing firms and employers. Erecruit uses modern, standards-based technologies to provide a highly scalable and configurable solution that allows today's best firms to put their clients, candidates and vendors at the heart of their businesses. Erecruit is a trademark of Erecruit Holdings, LLC.
About Bond International Software (www.adapt-recruitment-software.com)
Bond International Software has been a global provider of staffing and recruitment software for over 40 years and is headquartered in the United Kingdom with offices in the United States, Australia, Japan, Singapore, China and Hong Kong. Established in 1973 it has consistently maximised investment in the development of its technology to stay at the forefront of the staffing industry.
About TempBuddy (www.tempbuddy.com)
TempBuddy's multi-award winning workforce management software enables staffing companies to get their best workers to the right place at the right time, paid promptly and accurately using smart mobile technology. Staffing companies improve their productivity, win business and cut costs by using TempBuddy's game-changing workforce management platform and worker app. TempBuddy was acquired into Bond in November 2016.
About Symphony Technology Group (STG) (www.symphonytg.com)
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and building great technology and services companies. In addition to capital, STG provides transformation expertise to enable its companies to deliver maximum value to their clients, to drive growth through innovation, to retain and attract the best talent and to achieve best in class business performance. STG's current portfolio consists of 18 global companies.