Partnership Provides Upfront Cash, Cost Reduction Synergies, and Significant Upside through a Revenue Sharing Agreement
NEW YORK, NY / ACCESSWIRE / December 6, 2022 / Recruiter.com Group, Inc. (NASDAQ:RCRT)(NASDAQ:RCRTW) ('Recruiter.com'), an on-demand recruiting platform, today announced a strategic partnership with Talent, Inc., a leading career services company that provides a job seeker platform, professional resume writing, and interview coaching.
'We are excited to deepen our relationship with Talent, Inc., a current long-term partner of Recruiter.com,' said Evan Sohn, CEO of Recruiter.com. 'This is the first step in a new partnership that helps drive significant value to our company and team. We expect this transaction to meaningfully reduce our development costs while maintaining our ability to leverage the candidate sourcing platform. In addition, our revenue-sharing agreement will help further monetize our career communities and give us preferred terms for the resale of Talent, Inc.'s career services.'
Elements of the strategic partnership include:
- The sale of certain intellectual property of Recruiter.com's passive candidate sourcing software platform to Talent, Inc. on undisclosed terms.
- A revenue-sharing agreement that gives Recruiter.com a revenue share for the promotion and reselling of career services.
- A planned ongoing services agreement granting continued access to the candidate sourcing platform to Recruiter.com for 18 months.
'By joining forces with Recruiter.com, we are helping to build our talent network by enabling outreach via sophisticated AI technology,' said Byron Matthews, CEO of Talent, Inc. 'We are excited to build a strategic relationship with Recruiter.com, developing new revenue opportunities and co-marketing our complimentary career and recruiting products and services.'
Through the Talent, Inc. brands, including TopResume, TopCV, TopInterview, and ResumeRabbit, candidates are given award-winning tools and services to help them improve their careers, including resume creation, review, interview preparation, and more.
'Recruiters are tasked with helping candidates improve their professional lives by aligning their skills with client demand,' continued Sohn. 'Our growing network of on-demand recruiters will benefit from our partnership, and we look forward to building upon the relationship between Talent, Inc. and Recruiter.com.'
About Talent Inc.
Talent Inc. was founded in 2014 with the mission to help job seekers navigate career changes and differentiate themselves in a competitive job market. Through its suite of brands, Talent provides professional resume writing, professional CV writing and interview preparation coaching. For more information, please visit https://www.talentinc.com. Talent Inc is backed by BV Investment Partners, a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors recently named to Inc.'s 2022 List of Founder-Friendly Investors.
About Recruiter.com Group, Inc.
Recruiter.com is an on-demand recruiting platform providing flexible talent acquisition solutions that scale from startups to the Fortune 100. With an on-tap network of thousands of recruiting professionals and recruitment marketing automation, Recruiter.com helps businesses solve today's complex hiring challenges.
For investor information, visit https://investors.recruiter.com
Please follow social media channels for additional updates:
- LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
- LinkedIn Company Page: https://www.linkedin.com/company/1240434
- Twitter Company Page: https://twitter.com/recruiterdotcom
- Facebook Company Page: https://www.facebook.com/RecruiterDotCom
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words 'predict,' 'forecast,' 'believe,' 'may,' 'estimate,' 'continue,' 'anticipates,' 'intend,' 'should,' 'plan,' 'could,' 'target,' 'potential,' 'is likely,' 'will,' 'expect,' and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.
SOURCE: Recruiter.com Group, Inc.
View source version on accesswire.com: