- Backed by a new strategic institutional investor, leading provider of HR software poised for further growth within the global SMB market -
HAZLET, N.J. (January 11, 2012) - iCIMS, the leading provider of Software-as-a-Service (SaaS) talent management solutions for the SMB market, announced today that the company has secured a $35 million minority growth equity investment from Susquehanna Growth Equity, LLC (SGE). Prior to securing the investment capital, iCIMS had been self-funded, highly profitable, and grown solely organically at 43% CAGR since 2003. The company plans to significantly increase investments in marketing, product development, and additional acquisitions that will further accelerate the organization’s rapid growth and expansion plans.
iCIMS focuses on delivering intuitive and scalable solutions designed to help companies of all sizes streamline Human Resources processes. iCIMS’ flagship product, the Talent Platform, is a seamless talent management solution that adheres to the company’s “back to the basics” philosophy, providing a simple-to-use yet extremely robust talent acquisition system that automates social recruiting, applicant tracking, and onboarding processes. Recently, iCIMS was recognized as a “champion” in the Info-Tech Research Group’s Vendor Landscape Report for Talent Acquisition Systems and tied for the highest overall rating within both the product and vendor evaluations.
iCIMS experienced explosive growth in 2011, reaching its 1000-client milestone by adding an average of one new customer for every business day. The company’s growth and sustained success has garnered recognition from several leading publications, trade organizations, and analyst firms. For the sixth consecutive year, iCIMS was ranked on the Inc. 500/5000 list of America’s fastest growing private companies. In addition, iCIMS ranked on the Deloitte Technology list of the fastest growing technology companies in North America for the sixth consecutive year.
“We have been watching iCIMS and the talent management software space for quite some time and believe this well-managed, nimble, and extremely profitable SaaS company will continue to devour market share in the vast SMB space,” said Scott Feldman, Director, SGE. “iCIMS has all of the makings of a SaaS giant on the march: strong leadership, clear strategic vision, innovative products, outstanding customer service, and employees who are invested in the company direction. We are very excited about the role our investment will play in the elevation of iCIMS’ success,” Feldman concluded.
“We are invigorated by the success the iCIMS team has demonstrated over the last 11 years and our path to this point has clearly earned the confidence of SGE,” said Colin Day, CEO, iCIMS. “We could have sustained our current rate of growth without an outside investment -- but the timing was ideal to take iCIMS to the next level. This minority growth equity investment from SGE will help us dramatically accelerate our aggressive expansion plans. We look forward to offering deeper and broader services and support to our clients, and further penetrating the SMB marketplace with our high-value solutions and services,” Day concluded.
As part of its expansion strategy, iCIMS plans to increase full time staff by almost 25% within the next year. These employees will be spread throughout the United States and abroad and will be concentrated in marketing, sales, and technology.
Scott Feldman, Amir Goldman, and Jonathan Klahr will join the iCIMS Board of Directors. All three SGE representatives currently serve on the boards of multiple software companies including the JK Group, PaySimple, Netformx, MMIT, and Skybox. iCIMS was represented in the transaction by Raymond James & Associates (NYSE-RJF).
About Susquehanna Growth Equity, LLC
Susquehanna Growth Equity, LLC (SGE) is a private equity group investing in growth capital and buyout opportunities in financial technology, information services and software. SGE’s team of dedicated investment professionals brings a unique set of experience combining venture investing with operational expertise. SGE is an affiliate of Susquehanna International Group, LLP (SIG), a leading technology empowered financial trading firm specializing in making markets and providing liquidity. For additional information please visit www.sgep.com.
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iCIMS, a leading provider of innovative Software-as-a-Service (SaaS) talent acquisition solutions, is an Inc. 500 and Software Satisfaction honoree focused on solving corporate business issues through the implementation of easy-to-use, scalable solutions that are backed by award-winning customer service. iCIMS' Talent Platform, the industry's premier candidate management solution, enables organizations to manage their entire talent acquisition lifecycle from sourcing, to recruiting, to onboarding all within a single web-based application. With more than 1,500 clients worldwide, iCIMS is one of the largest and fastest-growing talent acquisition system providers with offices in North America, UK, and China. To learn more about how iCIMS can help your organization, visit http://www.icims.com or view a free online demo of the iCIMS Talent Platform.