Recruiter.com Group, Inc. (NASDAQ:RCRT) said it has completed the acquisition of the Novo Group, Inc., a company that provides flexible talent acquisition to a wide array of customers, including life sciences, manufacturing, and consumer goods.
In a statement, Evan Sohn, CEO of Recruiter.com commented: "We couldn't be more excited to bring the Novo Group to Recruiter.com, combining a trailblazing recruiting technology solutions platform with a leading-edge talent acquisition practice.
"Together, we'll define the future of recruiting, creating the on-demand and flexible experience that enables every employer to recruit talent and scale up and down with demand swiftly. The acquisition adds fuel to our rapidly growing on-demand recruiting segment, which already showed 88% sequential quarterly growth in the second quarter of 2021."
READ: Recruiter.com sees its 2Q revenue increase 38% to $4.4M on rising on-demand business and software subscriptions
Michael McElherne, COO of Novo Group added: "We've learned over the past year that the way employers recruit talent is dramatically changing, Together with Recruiter.com, we will give both large and small employers a way to react in real-time to their talent demands, with flexible, scalable solutions. In the on-demand world of the virtual workplace, we are excited to offer a compelling solution that matches the urgent nature of talent resourcing needs."
Recruiter.com's CEO recently discussed the country's ongoing labor shortage on CNBC's 'The Exchange'. which he said should create a "phenomenal market for talent acquisition professionals and recruiters", with people looking for help from recruiters to help fill the vast amount of open roles with companies.
General market data supports this trend, with outsourced recruiting and talent acquisition expected to reach $14.4 billion by 2027, growing at a CAGR of 13.8%, according to a report by ReportLinker on the segment, with the current US market estimated at $1.7 billion in 2020. Recruiter.com said its platform, which provides both technology and on-demand recruiting services, addresses this demand.
"Recruiter.com and Novo Group coming together will help us become, we believe, more responsive and more innovative, so we can better serve our clients," said Miles Jennings, president and COO of Recruiter.com. "Recruiter.com provides on-tap recruiting, supported by advanced artificial intelligence technologies and the largest network of recruiters nationwide. By coming together, we enhance our capacity to deliver effective talent acquisition solutions and expand our opportunities to leverage our AI software solutions with clients."
Recruiter.com noted that McElherne, COO of Novo Group, joins the company as SVP of On-Demand Delivery. McElherne, who LinkedIn has recognized as one of the 'Top 100' Talent Professionals globally, has represented some of the world's most recognized companies in Private Equity, Manufacturing, Life Sciences, IT, Pharma, Biotech, Supply Chain, and Investment Banking.
The company said the acquisition of Novo Group was successfully completed on August 27, 2021.
Recruiter.com is an online hiring platform delivering on-demand recruiting technology and services to both large and small businesses. With AI and video technology, and the world's largest network of recruiters, Recruiter.com delivers on-tap recruiting that flexes with hiring needs.
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