Shift to a foundational platform strategy and deep innovation have buoyed business traction and market success
SAN FRANCISCO, Nov. 30, 2023 /PRNewswire-PRWeb/ -- Findem, the only AI talent acquisition and management solution powered by unique 3D data, today announced exceptional business performance over the past year, including financial growth, notable new customer wins, technological innovation and continued market expansion.
During its fiscal year, Findem grew annual recurring revenue (ARR) 3x over the previous year and expects to continue this trajectory to finish the financial year with 4x ARR growth. The company has also added 37% more clients to its roster, including notable enterprise wins such as PayPal and Nutanix, and its annual contract value per customer grew sharply to 2.5x.
"Findem was built for success from day one. It's been extraordinary to see the company power through a down market, and then excel beyond our expectations and market conditions," said Findem CEO Hari Kolam. "While other technology companies have been in survival mode for the past year, we doubled down on innovation to take advantage of where the market will be when growth returns and that's showing up in our top-line performance, platform advancements and caliber of clients."
Talent Transformation Strategy Spurring Enterprise Growth
Key to Findem's success has been its shift from a direct sourcing solution targeting external talent to an integrated, foundational talent platform that enables companies to match their hiring strategy to market conditions. Companies can use Findem's Talent Data Cloud to source talent from their entire ecosystem of hiring channels, including both current and past applicants, referrals, alumni, internal employees, external sources and many others. With this all-encompassing reach, Findem now impacts 100% of hires, and will continue to do so when growth returns.
The significant momentum that Findem has gained this year is attributable to this platform strategy. Since launching its Talent Data Cloud, Findem's enterprise customer base has increased 430%, and more global customers are switching to Findem.
"We're tapping into the breadth of what Findem has to offer and its Talent Data Cloud has allowed us to replace single-point solutions for outbound sourcing, internal candidate search, referrals and managing high volumes of inbound applicants," said Alvin Lam, senior vice president of talent at RingCentral, a leading provider of cloud communications and collaboration software with over 500,000 global customers. "By consolidating our tech stack we're spending less, our recruiters are more productive and we're hitting our hiring and diversity goals. It's been nothing short of game changing."
"Ethical AI is reshaping the future of the talent landscape and our mission is to leverage its full potential to cultivate a world-class workforce," said David Malloy, vice president of global talent acquisition at Nutanix, a global leader in cloud software. "Findem's innovative platform has made a significant impact on our talent strategy and helped set us up for continued transformation and success."
As part of its tremendous growth, Findem has achieved a number of major milestones, including:
Unsurpassed Technological Advancements – Findem has one of the first and deepest integrations of generative AI (GenAI) to date in talent acquisition and management. GenAI capabilities are integrated throughout workflows vs. being a bolt-on. With a foundation of 3D data and a responsible approach to AI, talent teams can get trusted AI-assisted answers to questions no one else can answer about candidates, talent pools and the market.
Platform Usage Hits All-Time High – Findem is seeing significantly more searches, candidate outreach and responses through its Talent Data Cloud, with an uptick of approximately 275% vs. the same time last year. Users are logging in at least once per day, showcasing that the platform has become a foundational component of their tech stack. Platform analytics usage is following the same upwards trend.
Recognized Innovation – Findem was named a Cool Vendor in the 2023 Gartner Cool Vendors™ in Talent Acquisition for Driving Speed and Quality in Hiring report, and recognized in Gartner's Hype Cycle for Talent Acquisition Technologies, 2023.
Creation of Chief of Talent Transformation Role – Findem named Brett Coin its Chief of Talent Transformation. Coin, who previously served on the front lines as senior vice president of talent at Okta and director of global talent acquisition at Intuit, is charged with operationalizing Findem's transformation vision, including helping clients transform their talent organizations through an AI-first mindset to operate with new levels of efficiency.
Growth and Global Expansion – Findem's employee base has grown by 30% in the past 14 months, and it is one of the few technology companies actively hiring right now. In addition to its headquarters in Redwood City, Calif., it has established offices in India and Canada.
Consolidation, Automation and AI-First on Line for 2024
Findem's vision for the industry's future includes more consolidation, more automation of workflows and more impact on the business as talent teams embrace AI-first transformation and realize their full potential of efficiency and value-creating outcomes that drive business success.
"We have a clear and bold vision to help talent teams take advantage of the transformative potential of AI, GenAI and hyper-automation to uplevel their hiring process and build companies of the future," said Kolam. "This is a pivotal time for the talent industry, and we're uniquely positioned to accelerate not only our own growth, but also that of our customers. Findem is a key component of their success today and will be an essential part of it when the market returns to full strength."
Findem's Talent Data Cloud enables organizations to build and evolve their workforce with unmatched precision, objectivity, and efficiency. It's the only AI talent acquisition and management solution that generates dynamic, 3D talent data called attributes to deliver the most advanced talent intelligence. With Findem, customers like RingCentral, Nutanix and Intuitive Surgical are unlocking actionable insights at every stage of the talent lifecycle and transforming how they plan, hire and manage talent. Visit us and request a demo at www.findem.ai.