erecruit announce $25m capital raise led by growth equity firm
The growth funding, which is the first institutional investment in erecruit, will be used to further accelerate the business' momentum by adding to its seasoned team and further investing in product innovation as it continues to disrupt the market, improving the way staffing firms operate.
The global market opportunity for enterprise staffing software and VMS is large and growing rapidly as the demand and complexities of the contingent labor workforce increase. erecruit's highly configurable and intuitive enterprise software platform streamlines staffing firms' operations by providing seamless integration of front, middle and back office functions, including sales and client relationship management, recruitment, search & match, onboarding, time and expense management, pay/bill and reporting. Moreover, erecruit's platform can be accessed from any browser on any device and integrates with dozens of web applications to maximize efficiency.
"This investment in erecruit reinforces the decision Eliassen made in our selection," said Dave MacKeen, CEO of Eliassen Group. "We are excited for the coming innovations and the additional value we will generate using the erecruit platform."
"We're thrilled to team up with North Bridge and to leverage their network and extensive cloud technology expertise," said Judd Hoffman, Co-CEO of erecruit. "This investment underscores the huge potential erecruit has to further impact our clients and highlights why the world's most innovative staffing firms are using our software platform to drive greater levels of performance, productivity and profitability. We've made great progress over the past few years with triple-digit annual revenue growth, and this round of financing will be instrumental as we continue to invest in our people and our products in order to further fuel the success of our customers."
"erecruit is leading the way with a differentiated enterprise-ready, cloud-based, enterprise staffing software and VMS," said Jim Moran, general partner with North Bridge Growth Equity. "We're excited to partner with erecruit and believe they are very well positioned with disruptive technology and exceptional customer satisfaction to capitalize on an expanding market opportunity and become the market leader in the staffing industry."