Rolling Meadows, IL (PRWEB) January 12, 2006
Talentology’s corporate parent ProFind Inc. announced today that it had closed on a $4.5 million Series A round of funding. River Cities Capital Funds of Cincinnati led the round and was joined by Velocity Equity Partners of Boston. Existing founding investors also participated.
“We are extremely pleased and enthusiastic to have River Cities and Velocity as our new partners” said Frank Pirri, President and CEO. “This investment will enable us to aggressively expand our business through greater marketing and sales presence, as well as continue to invest in our technology platform.”
Talentology’s web-hosted service, PeopleFilter® offers employers a better way to source, evaluate and manage talent while dramatically reducing talent acquisition costs. The foundation of the PeopleFilter® suite of products is a proprietary matching and ranking technology that uses a skills-based approach to solving the issue of resume overload while eliminating the risk of overlooking qualified applicants. PeopleFilter® delivers the right candidate for the right job at the right price in a more predictable way. The service is highly configurable such that customers can use one or all modules and integrate with existing HR technology products already in place.
“PeopleFilter® was built by recruiters for recruiters, and represents the next generation of analytics-based recruiting technology that cuts through resume spam in an intelligent way to find the best hires faster” said Kevin Harrison, COO. “First generation products that use simple resume parsing and key word searching are no longer good enough.”
The company’s ability to meet the needs of the diverse HR community with highly scalable and flexible solutions is demonstrated by it customer success. Since launching the PeopleFilter® service, Talentology® has acquired over two dozen customers ranging from small private companies to Fortune 500 companies like US Cellular. In addition, the company has forged partnerships with several leading recruitment advertising firms.
Murray Wilson, a partner at River Cities Capital Funds who joined the Board of Directors said, “We like to back management teams with a clear record of success and domain expertise – the senior executives at Talentology® know how to provide software-as-a-service solutions and they know recruiting.”
“We invest in companies which provide solutions that meet a demonstrated market need and have a track record of executing successfully on their vision,” said David Vogel, a partner with Velocity Equity Partners who has also joined the board. The Talentology® leadership team has shown it can deliver an innovative product offering that addresses a real pain point for the companies recruit through electronic media.
Innovation Advisors, a boutique investment banking firm, represented ProFind Inc., Corporate parent of Talentology® in this capital raising.
Founded in 2000, Talentology® is a wholly-owned subsidiary of ProFind, Inc. Talentology’s web-hosted service, PeopleFilter® provides a suite of highly configurable modules that work together or on a stand-alone basis for every step in the recruitment process, including application pipelining, opportunity profiling, applicant scoring, process management, campaign management and sourcing analytics. More information can be found at http://www.peoplefilter.com .
About River Cities Capital Funds
Based in Cincinnati, River Cities Capital Funds has raised nearly $300 million since 1994 to make growth equity venture investments in leading companies primarily in the Midwest and Southeast. River Cities concentrates on technology-enabled business services and healthcare services/technology. For more information visit the Funds' web site at http://www.rccf.com.
About Velocity Equity Partners
Based in Boston, Velocity Equity Partners is a private venture capital firm investing in early stage growth companies primarily in the Northeast. Velocity’s mission is to create value by identifying and supporting outstanding entrepreneurs with unique innovations and a powerful drive to build market-leading companies. Velocity’s partners work with management teams to create premier companies in their field with the help of capital, expertise in building companies, and access to key networks. For more information visit the Funds' web site at http://www.velocityep.com.
Kevin Harrison, COO
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.
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