Talent Acquisition

Radancy Announces Strategic Investment from New Mountain Capital

Radancy Announces news
Radancy, the global leader in enterprise software and services solutions for end-to-end talent sourcing, today announced it has partnered with New Mountain Capital, a leading growth-oriented investment firm with over $37 billion in assets under management. The investment from New Mountain Capital will allow Radancy to accelerate its software product roadmap and expand its suite of services focused on helping enterprises optimally identify, engage, and hire talent. Existing investor Gemspring Capital will remain a minority investor in the company.

Talent acquisition is a mission-critical function for every company, but finding the 'right' talent, in the most efficient way, at scale, is increasingly challenging in the 'new' world of work. Radancy provides a best-in-class, global, cloud-based technology platform and consultative services that automate the recruitment process and provide a premium, personalized candidate experience, enabling customers to find the talent they need to support their business objectives.

Adoption of AI-based technology solutions to improve how companies identify, engage, and hire talent has been rapidly accelerating. Companies are increasingly looking for advanced career site platforms that offer a personalized and seamless job search experience, data-driven programmatic advertising technology to increase media ROI, candidate relationship management (CRM) solutions to track and engage with proprietary talent pools, and automated employee referral software to activate existing employee networks. Radancy's unified platform is built as a holistic solution for all these needs.

"The world of work is undergoing massive change and enterprises need to adapt in order to remain competitive in the 'war for talent', We are seeing tremendous demand from companies who are going through a fundamental shift from legacy talent acquisition operating models, involving manual processes and ad hoc tools, to a more integrated approach, leveraging Radancy's end-to-end talent sourcing platform. This is an exciting time in our evolution and we are confident that New Mountain's industry expertise and proven track record of business building will help us accelerate our roadmap and continue to deliver greater value for our clients."

-Michelle Abbey, CEO of Radancy.

Radancy has proven themselves as a leader in the market, bringing a fully integrated technology stack with data and AI-driven solutions to help companies optimize their talent sourcing efforts, said Lars Johansson, Managing Director at New Mountain Capital. We look forward to partnering with Radancy for the next phase of growth as they continue to transform the world of talent acquisition. We see many avenues for growth ahead and look forward to building on the team's impressive track record of success.

Radancy has an outstanding track-record as a trusted partner to its clients, serving many of the most respected employers in the world, and is well-positioned to continue to be at the forefront of the digital transformation of the talent acquisition function, added Sean Donovan, Director at New Mountain Capital.

"Since our investment in 2018, Radancy has furthered its position as the market leader in enterprise talent sourcing solutions, building the industry's leading end-to-end technology platform, all while maintaining an exceptional commitment to customer success, We are excited about the continued partnership with Radancy and believe that New Mountain will be a great partner for the business in driving further success."

-Ravdeep Chanana, Managing Director at Gemspring Capital.

Radancy and Gemspring Capital were advised by Lazard as financial advisor and McDermott Will & Emery as legal counsel. Jefferies and Piper Sandler acted as financial advisors and Ropes & Gray served as legal counsel to New Mountain Capital.

About Radancy-
Radancy is the global talent technology leader intelligently solving the most critical challenges for employers and delivering results that strengthen their organizations. Radancy's unified platform, augmented by rich data and deep industry expertise, is revolutionizing how employers attract and hire the talent they need. Radancy's unified software platform includes a market-leading, integrated suite of technology solutions, including a best-in-class career site platform, programmatic advertising technology, candidate relationship management platform, and employee referrals software. For more information, visit www.radancy.com.

About New Mountain Capital-
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity and credit funds, with over $37 billion in assets under management. New Mountain seeks out what it believes to be the highest-quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. To learn more, visit www.newmountaincapital.com.

About Gemspring Capital-
Gemspring Capital, a Westport, Connecticut-based private equity firm with $1.5 billion of capital under management, provides flexible capital solutions to lower middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth and value creation. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial & insurance services, healthcare services, industrial services, software & tech-enabled services, or specialty manufacturing sectors.

Spotlight

Other News
HR Practice

Pipefy Launches AI-Powered HR Automation Solution to Improve the Employee Experience

Pipefy | January 15, 2024

Pipefy, the global industry leader in AI-driven process automation, announced the launch of Pipefy AI for HR, with customizable chatbots that are available to help employees, 24/7. Pipefy AI for HR delivers instant and centralized access to policies, forms, data, and other information frequently requested from HR teams. Pipefy AI for HR gives employees a single portal in which they can not only find the information and documents they need, but also submit requests, such as for vacation time or reimbursements. Employees can use the chatbot to ask questions about PTO, research open roles within the company, or reference company policies. The chatbot is available in any language and accessible on any device. For HR teams, Pipefy for AI means more face time with employees, better SLA attainment, and more time to focus on HR strategy. Pipefy AI helps HR teams make data-driven decisions by providing fast access to data, process insights, and crucial metrics such as attrition and employee satisfaction. For example, HR professionals can ask Pipefy AI questions such as “What are the top factors contributing to turnover in the sales department?” “Pipefy AI for HR is all about helping HR teams deliver exceptional employee experiences,” said Alessio Alionco, CEO of Pipefy. “It does this by improving response times and giving employees more autonomy. Beyond this, Pipefy AI gives HR professionals more time for the 1:1 contact and strategic planning that truly make a difference for employees and the company as a whole. From a process automation perspective, this AI tool works like a virtual assistant, automating workflows, handling routine tasks, answering common questions, and routing incoming requests.” Alionco added, “Generative AI solutions such as ours are ideal to help HR professionals streamline their workload and improve employee experiences – and their adoption is accelerating. In fact, according to Gartner, 81% of HR leaders have explored or implemented artificial intelligence (AI) solutions to improve process efficiency within their organizations.” In a recent Pipefy survey, 79% of business and IT leaders said that they expect the combination of artificial intelligence and process automation – such as Pipefy AI – to increase efficiency by at least 25%. Importantly, Pipefy AI for HR delivers industry-leading security features and certifications, to help make sure that teams are safe, secure and in compliance. About Pipefy Pipefy delivers a leading business process automation platform that increases team productivity and efficiency, centralizes data, and standardizes processes for teams in IT, Finance, HR, Customer Operations and more. Through its no-code process automation and AI framework, Pipefy helps businesses achieve operational efficiency and optimal productivity for every team in every department. Among its many recognitions, Pipefy was named to the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing companies in North America in November, 2022.

Read More

Workforce Management

Global Retailers Choose Dayforce to Optimize Workforce Planning and the Frontline Employee Experience

Ceridian | January 11, 2024

Ceridian a global leader in human capital management (HCM) technology, announced its upcoming retail product innovations, which highlight the company’s growing momentum in the sector. As the only solution that offers workforce management (WFM) and global payroll capabilities on a single platform, Dayforce – Ceridian’s industry-leading cloud software – helps retailers and the hospitality industry empower and retain frontline workers, increase operational agility when making staffing decisions, and enhance the employee experience. Ceridian helps more than 1,280 retailers around the world optimize their workforce and improve employee engagement, attraction, and retention, including American Dream, Buehler’s Fresh Foods, Costa Coffee, Sobeys, and SPARC Group LLC, which owns and operates leading retail brands including but not limited to Aeropostale, Brooks Brothers, Forever 21, and Reebok. “Today’s employees expect a personalized experience. Ceridian is an innovative, collaborative partner that is helping us shape the employee experience of the future,” said Julia Knox, Chief Technology & Analytics Officer, Sobeys. "Forward-thinking retail and hospitality organizations need to embrace modern technologies, like machine learning and real-time workforce intelligence, to tackle the staffing and compliance challenges their industries face,” said Jack Bennett, Vice President and Retail Solutions Advisory Lead, Ceridian. “Coupled with Dayforce Wallet, our award-winning, on-demand pay solution, Dayforce is a single holistic platform for workforce management, pay, and talent that unlocks quantifiable value and gives retail and hospitality leaders an edge to better compete - and win - with today's boundless workforce." Dayforce workforce management empowers frontline employees through schedule flexibility and a consumer-like experience, while driving agile retail operations by giving real-time workforce intelligence to managers. Continued enhancements include Forecasting Powered by Machine Learning: In an ever-changing economic landscape, retailers can reduce costs and improve productivity by leveraging the power of machine learning (ML) in its labor planning. Dayforce ML forecasting helps managers make better decisions and optimize workforce allocation by forecasting future labor requirements down to 15-minute increments and become more precise over time. Shift Marketplace: Modern workforce management provides organizations and employees with a simple, intuitive way of allowing stores and locations to share their workforce across their organization. With Shift Marketplace, employees can take on unfilled shifts at any location they choose, giving employees the flexibility to meet their financial goals while allowing managers to fill their labor demand needs without incurring additional costs to bring in outside resources. Next-Generation Labor Planning: With Dayforce, customers can bring finance and operations together during the budget and planning processes to ensure forecasting and scheduling align with corporate targets. This process is further enhanced through scalable data models, a unified experience for long- and short-term planning, and yearly, quarterly, monthly, weekly, and daily workforce insights that can drill down to zone and position levels. Reimagined Time Experience: The Dayforce platform is improving the employee time experience with a human-centric user experience that prioritizes simpler workflows, simplified clocking in and out, and accessibility. For managers, the enhanced user experience highlights what is important, including unplanned labor costs, and time-sensitive insights such as no-shows, missed breaks, approaching overtime, and upcoming departures. “We are a special place to work because our engaged team members are a key differentiator for our business. With the Dayforce platform, we will be able to deliver a modern, mobile-first employee experience that enables direct communication, seamless shift bidding, and access to on-demand pay with Dayforce Wallet, which will help to differentiate Sobeys in a challenging labor market,” said Sandra Pasquini, SVP HR Operations & Systems, Sobeys. These features and enhancements will begin rolling out to customers on the Dayforce platform in 2024. About Ceridian Ceridian. Makes Work Life Better™. Ceridian HCM Holding Inc. is a global human capital management software company. Dayforce, its flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. The Dayforce platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes.

Read More

HR Strategy

HireRight Receives Non-Binding Acquisition Proposal from General Atlantic and Stone Point Capital

HireRight | December 12, 2023

HireRight Holdings Corporation a leading provider of global background screening services and workforce solutions, announced that it has received a non-binding proposal from General Atlantic, L.P. (“General Atlantic”) and Stone Point Capital LLC (“Stone Point”), and their respective affiliated funds (collectively, the “Sponsors”), to acquire all of the Company’s outstanding shares of common stock that are not already owned by the Sponsors for $12.75 in cash per share. The board of directors of the Company previously formed a special committee of independent directors (the “Special Committee”) to evaluate and consider any potential or actual transaction proposal from the Sponsors and any other alternative proposals or other strategic alternatives that may be available to the Company. There can be no assurance that any definitive agreement will result from the proposal submitted by the Sponsors or that any transaction will be consummated. The Company and the Special Committee do not intend to comment further about this proposal unless and until they deem further disclosure is appropriate. A copy of the Sponsors’ proposal letter is available as an exhibit to General Atlantic and Stone Point’s statements of beneficial ownership on Schedule 13D/A as publicly filed on Friday, December 8, 2023, with the United States Securities and Exchange Commission. About HireRight HireRight is a leading global provider of technology-driven workforce risk management and compliance solutions. We provide comprehensive background screening, verification, identification, monitoring, and drug and health screening services for approximately 37,000 customers across the globe. We offer our services via a unified global software and data platform that tightly integrates into our customers’ human capital management systems enabling highly effective and efficient workflows for workforce hiring, onboarding, and monitoring. In 2022, we screened over 24 million job applicants, employees and contractors for our customers and processed over 107 million screens.

Read More

Payroll

Novo Announces Novo Payroll for Small Businesses, Powered by Check

Check | January 25, 2024

Novo, the powerfully simple® financial solutions platform for small businesses, announced Novo Payroll. Working with Check, the leading payroll infrastructure company that pioneered the ability for platforms to embed payroll into their products, Novo has launched a payroll solution that is fully integrated into Novo’s platform of small business banking, budgeting, and working capital solutions, enabling small businesses to manage their finances from a single platform. “Traditional small business payroll solutions consist of standalone applications characterized by high fees, burdensome cash-on-hand requirements, and either clunky or non-existent integrations between payroll and business bank accounts,” said Michael Rangel, founder and CEO of Novo. “In collaboration with Check, we built a payroll solution that simplifies and speeds up the process of paying small business employees." Novo leveraged Check’s embedded payroll API to build Novo Payroll. With coverage in all 50 states, Novo Payroll streamlines the entire payroll process, from calculating wages to facilitating direct deposits and managing tax withholdings. This provides businesses with a comprehensive payroll solution that not only reduces administrative burdens but also ensures accuracy and compliance with regulatory standards. Novo has conducted a beta of Novo Payroll, and will make the product available to Novo’s more than 200,000 small business customers in the coming weeks. Key features of Novo Payroll include Affordable, flat-rate pricing: Unlike other payroll platforms where individuals have to pay extra for a range of features, Novo offers all of its essential features — including state and tax filings, end of year reports, and more — at $35 per month plus a small fee per worker. Working capital for payroll: Small businesses who may need additional funds for a payroll cycle can apply for Novo Funding, a fast and flexible way to access working capital that’s available exclusively to Novo customers. Once approved for Novo Funding, customers can use the capital in minutes. Next day payments: With Novo Payroll, recipients can opt in to receive their paychecks the day after payroll is processed at no additional charge. Instead of needing the necessary payroll funds days in advance, small business owners simply need to have funds available the day of payroll processing. Built-in accounting and budgeting tools: Since Novo Payroll is fully embedded into the Novo platform, customers can seamlessly set aside funds for payroll, taxes, savings, and more using Novo Reserves. Single- and multi-state payroll: Novo Payroll automates state tax filings for small businesses that have employees in a single state, as well as in multiple states. Human-powered customer service: Novo Payroll customers have access to a range of resources to assist with payroll questions, including the option to call a Novo Payroll expert. “We founded Check with the goal of making payroll easier for as many small businesses as possible. By partnering with Novo, we’re able to reach an even broader set of businesses, giving them the tools they need to save time and money on what is all-too-often a cumbersome task,” said Andrew Brown, co-founder and CEO of Check. “Novo has already burnished its credentials as a leading provider of financial services for small businesses. By embedding Check’s payroll, Novo is able to provide a one-stop-shop for small business financial needs.” Novo Payroll is the latest in a series of products Novo has built for its small business financial solutions platform. Recently, Novo announced a range of updates to Novo Invoices, the company’s free invoicing application that small businesses have used to receive more than $500 million in payments. Novo also announced Novo Funding, offering small businesses a fast and flexible way to access working capital. About Novo Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses. About Check Check is the leading payroll platform that pioneered the ability for companies to differentiate and open up new revenue streams by embedding payroll into their platforms. Historically, complex regulatory structures stagnated payroll innovation, making it harder for businesses to create their own payroll offerings. By building on Check’s best in class infrastructure, flexible API, and deep expertise, platforms can launch profitable payroll businesses much faster, and with little overhead or administrative burden. Since Check’s public launch in January 2021, leading vertical SaaS companies and large scale workforce management horizontal platforms have built successful payroll businesses on its infrastructure. Check’s partners collectively serve more than 250,000 businesses and over 4 million employees. Check is backed by Stripe, Thrive Capital, Index Ventures, and Bedrock.

Read More