CareerArc Raises $30 Million in Growth Equity Round to Fund Product Expansion, Sales & Marketing
CareerArc, a global leader in HR technology, today announced it raised a $30 million growth equity round led by PeakEquity Partners (“PeakEquity”). As the only company offering both social recruiting and virtual outplacement solutions to the multi-billion dollar HR software market, CareerArc helps organizations manage the two critical touchpoints in employment where an employer brand is tested and scrutinized – hiring new talent and transitioning employees out of the organization.
“This investment and the support of the team at PeakEquity Partners should allow us to accelerate our growth, expand product offerings, and strengthen our market position,” said Robin D. Richards, CareerArc CEO and Co-Founder. “PeakEquity has a broad set of strategic and operational experience that will be valuable as we continue to execute on our vision and take CareerArc to the next level.”
CareerArc provides a state-of-the-art HR software platform that enables enterprises to recruit talent, transition their workforce, and manage their employer brand more effectively. The company, founded in 2009, will use the investment to fund an aggressive expansion plan to support product innovation and accelerate sales and marketing efforts.
“We believe this transaction will enable CareerArc to build on its long history of providing innovative HR technology solutions, leverage its strong SaaS technology platform, and continue to grow share in a multi-billion dollar addressable market,” said Ric Andersen, Partner of PeakEquity.
CareerArc combines social recruiting and virtual outplacement solutions to help thousands of organizations, including many of the Fortune 500, maximize their employment brand. CareerArc Social Recruiting solutions allow companies to connect with job candidates on social media by distributing open jobs across social channels, creating and scheduling shareable social media content, and tracking and measuring campaign results. CareerArc Outplacement solutions enable organizations to prepare employees for their next career step through resume development tools, skills assessments, job matching and on-demand career coaching. As the only company to offer both social recruiting and virtual outplacement solutions, CareerArc provides HR leaders the critical tools to both amplify and protect their employment brand.
“We are excited to partner with the team at CareerArc for the next stage of their growth. CareerArc has a seasoned executive team led by co-founders that have partnered together in their last three companies and have a 20-year working relationship,” said D.J. Andrzejewski, Partner of PeakEquity. “We are backing a team with a history of innovation that we believe will capitalize on the company’s market opportunity to achieve accelerated revenue growth.”
Robert Michalik, Managing Director of founding lead investor Kinderhook Industries, LLC said, “We are pleased to welcome PeakEquity Partners into the CareerArc family and believe with this substantial new insertion of capital that CareerArc will accelerate its market-leading position.”
CareerArc (http://www.careerarc.com) is a leading HR technology company helping business leaders recruit and transition the modern workforce. CareerArc social recruiting and virtual outplacement solutions help thousands of organizations, including many of the Fortune 500, maximize their return on employer branding. By leveraging the cloud, running on modern infrastructure, and combining web, mobile and social media applications, CareerArc helps companies gain a competitive edge in recruitment, employment branding, and outplacement. CareerArc was founded in 2009 and has offices in Burbank, CA and Boston, MA.
About Kinderhook Industries
Kinderhook Industries, LLC (http://www.kinderhook.com) is a private investment firm that manages over $2.0 billion of committed capital. We have made in excess of 200 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.
About PeakEquity Partners
PeakEquity Partners (http://www.peakequity.com) is a private equity firm focused on investments in software companies. The principals of PeakEquity Partners have extensive experience as investors and operating executives in multiple market sectors. The firm invests in businesses that have large addressable markets, market-tested technology, products and offerings, and demonstrated traction with a meaningful base of reference-able customers. PeakEquity invests in companies with revenues of $15 to $50 million that have the potential for annual revenue growth in excess of 30%. PeakEquity can invest $20 to $50 million or more per portfolio company and will take minority or majority positions. The firm leverages and provides access to operating resources to help provide companies an edge in capturing market segment leadership and achieving revenue growth and margin objectives. PeakEquity has offices in Radnor, PA and New York, NY.