Veritone to Acquire Broadbean, Signifying Deeper, Global Commitment for Veritone’s AI-powered Human Resources Solutions

Veritone, Inc. (NASDAQ: VERI) (“Veritone” or the “Company”), a leader in enterprise AI software and services, today announced its agreement to acquire Broadbean, a global leader of software-as-a-service (SaaS) technology that makes talent acquisition and engagement easier, faster and more efficient, from CareerBuilder. Covering more than 180 countries, serving 3,000+ clients and integrated with over 100 Applicant Tracking Systems (ATS) partners, the strategic acquisition of Broadbean will expand Veritone’s AI-powered human resources solutions offerings and will build upon Veritone’s acquisition of PandoLogic in 2021. Total consideration paid will be $52 million in cash on a cash- and debt-free basis. The acquisition is expected to be immediately accretive to Veritone’s operations and, on a standalone basis, is expected to generate SaaS and GAAP revenues of over $35.0 million on an annualized basis while contributing attractive EBITDA margins.

Veritone’s Innovative HR Solutions Enable Increased Efficiencies within the Hiring Process

Both Broadbean and PandoLogic hold leadership positions in the rapidly evolving talent acquisition market, which is valued at $36.1 billion globally as of 2022, according to Staffing Industry Analysts. By using AI recruiting tools to engage job seekers, Veritone HR Solutions will accelerate employers’ hiring efficiency with advanced data-driven hiring decisions and process automation. With more than half of Broadbean’s revenue coming from outside of North America, the combined offerings will further accelerate Veritone’s geographic expansion and address the challenges presented by today’s remote and hybrid hiring requirements.

The acquisition of Broadbean will add more than 5 billion data points of global job advertising performance to Veritone’s AI algorithms and analytics, enabling Veritone to further enhance recruitment insights for customers and scale AI-driven enhancements across the business.

“This transformative acquisition signifies Veritone’s focused approach to expanding and scaling our AI-powered HR Solutions portfolio globally,” said Ryan Steelberg, President and Chief Executive Officer of Veritone. “The acquisition will build on the strength of our organic growth, will expand our HR Solutions addressable market opportunity, is expected to be immediately accretive, and will unlock new sales growth and development opportunities as Veritone integrates PandoLogic’s recruitment technology into Broadbean’s global distribution software and network. The combination of our companies will extend the reach of leading AI technology and HR SaaS solutions globally to the world’s largest multinational employers that require more efficient and scalable human resource and hiring solutions.