Merlin Technologies Corporation Closes $10 Million in Series A Financing from Updata Partners
Funding Supports Expansion of Human Capital Management Technology Company; Acquisition of Recruiting Software and Services Provider, ASSESS Systems
Dallas, TX (Vocus/PRWEB ) February 11, 2008 -- Merlin Technologies Corporation, a human capital management technology company providing integrated pre-employment and talent acquisition solutions for corporations, announced today that it has raised $10 million in Series A financing from Updata Partners. Funding will be used to expand operations and finance the acquisition of ASSESS Systems, a leading provider of web-enabled candidate assessment and employee development offerings. Commensurate with the funding, Ira Cohen, Venture Partner, and Barry Goldsmith, General Partner at Updata Partners have joined the board of directors.
"Updata's backing validates our strategy of building a uniquely positioned talent acquisition company that combines technology, content and services to provide a one-stop-shop for companies seeking to streamline and improve their recruiting processes," said Steve Sasser, CEO of Merlin. "We look forward to leveraging Updata's experience and network of professional relationships to accelerate our growth."
As the former CEO and CFO of Peopleclick, Inc., Merlin Technologies' founders, Steve Sasser and Jim Buchanan, are knowledgeable leaders in the talent acquisition market; having gained valuable experience working with industry leading customers at Peopleclick - who was a pioneer in this market. Sasser and Buchanan formed Merlin to assemble and build a new and unique talent acquisition company through the effective integration of complementary pre-employment point solution providers. They have extensive experience with merger and acquisition activities and worked together in leadership roles at Legent and Goal Systems earlier in their careers.
"As leaders in the human capital management space, Steve and Jim can deliver innovative, web-enabled solutions to companies that want to have a seamless and fully integrated solution for all their pre-employment needs," said Ira Cohen, Venture Partner at Updata Partners. "We're pleased to invest in a team with domain expertise and a proven track record of success who will build market leadership in a fast-growing and highly fragmented area of the market."
About Merlin Technologies Corporation
Merlin Technologies Corporation provides integrated pre-employment and talent acquisition solutions for corporations. By combining our expertise with leading human capital management technologies and managed information services, Merlin helps clients achieve better hiring results and improved productivity in a more timely and cost-effective manner. Merlin's flagship suite of solutions, ASSESS Systems, includes web-enabled candidate assessment and employee development offerings as well as organizational, large-scale hiring processes and development workshops. The company actively evaluates strategic partnering opportunities to accelerate its leadership position in the $3 billion talent acquisition solutions market. For more information visit www.merlintechcorp.com.
About Updata Partners
Based in Reston, Virginia and Edison, New Jersey, Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, we seek investments where the combination of our financial backing and operating expertise will accelerate growth. With close to $500 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, visit www.updatapartners.com
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