Bullhorn have announced a partnership with Insight Venture Partners to provide the capital for the company’s next phase of growth. As part of the transaction, Insight will be purchasing all shares owned by Vista Equity Partners. Insight is investing in Bullhorn because of the substantial market opportunity for staffing and recruiting as an industry, as well Bullhorn’s reputation for delighting customers with its award-winning platform and organisational capacity around the globe. The investment will be used to further catalyse Bullhorn’s growth in a rapidly evolving industry, fuelled by new demands for the future of work. The entire management team will remain with the company to execute on its strategic roadmap and continue its mission to create an incredible customer experience.
“We are excited to work with Insight to amplify our tremendous momentum with another great financial sponsor as we continue to grow this business, and I am personally more committed than ever to our customers and to our people,” said Art Papas, Bullhorn CEO and Founder. “Vista’s investment and expertise helped us build out the platform and people that have enabled us to rapidly scale, and we’re looking forward to partnering with Insight on our next phase of growth.”
The staffing and recruiting market is currently in the midst of transformational change, driven by several trends: 1) globalisation, which is driving a greater need to collaborate across divisional boundaries; 2) legacy system replacement, in order to facilitate greater responsiveness to customer needs; 3) newer workforce management models which require middle office flexibility; and 4) increasing competition, driving a need for speed. Bullhorn is well-positioned to continue helping staffing and recruiting firms worldwide respond to these trends and to evolve their businesses to serve their customers more effectively, with a higher degree of quality and scalability. As a growth-oriented investment firm, Insight recognises the enormous opportunity created by these trends, and has chosen to partner with Bullhorn to power the next phase of the recruitment platform company’s growth.
Alan Cline, principal and co-head of the Foundation Fund at Vista added, “We are thrilled to announce the sale of Bullhorn to Insight. It has been a pleasure working with Art and the Bullhorn team over the past five years to help quadruple the company’s revenues, accelerate platform investment, and expand internationally to best serve the software needs of staffing and recruiting firms globally.”
“Insight is looking forward to working with the Bullhorn management team on their next phase of growth,” said Deven Parekh, managing director, Insight Venture Partners. “The company is uniquely positioned to expand their footprint both in new segments and geographically. Bullhorn is the software leader in the staffing and recruiting sector. As the workforce continues to evolve, we believe that continued strong investment in next-generation technology will extend Bullhorn’s market leadership position.”
A definitive agreement has been signed, and the deal is expected to close in the fourth quarter of 2017. Terms of the deal will not be disclosed. Vista was advised by Atlas Technology Group on the sale. Insight was advised by Evercore Partners.