Textkernel, an Amsterdam-based recruitment software firm, announced that it has acquired US-based AI company Sovren to expand its business across North America and the Asia Pacific. The deal is valued at €30M to €40M, reports Reuters.
The acquisition will boost Textkernel’s position in the AI-based search and match technology space.
Post the acquisition, Textkernel will serve over 2,500 clients including some of the largest staffing companies globally from The Netherlands, USA, France, and Germany.
Sovren Group: What you need to know
Based out of Texas, Sovren Group provides recruitment intelligence software components for parsing, searching and matching within the North American market.
Founded by Robert Ruff, the company serves more than 1000 customers across staffing and recruitment agencies, HR software vendors, job boards, and large corporations.
Ruff, who is also the CEO of Sovren, says, “I am thrilled to have found the best possible company to join forces with Sovren. This acquisition ensures continuity for our employees, our customers, and our products. I believe the Sovren customers can immediately benefit from the strong knowledge and functionality of Textkernel around classifications on skills, professions, and semantic enrichments for better search and match results.”
Textkernel: What you need to know
Backed by Main Capital Partners, Textkernal specialises in semantic recruitment technology that helps companies accelerate the process of matching demand and supply in the job market.
Founded by Gerard Mulder and Jakub Zavrel in 2001, Textkernel enables thousands of recruitment and staffing agencies, employers, job boards, and others to work more effectively by creating efficiencies in the HR and recruitment process.
“With the acquisition of Sovren, Textkernel enters into a very exciting next phase of its 20 year anniversary as a truly global AI technology leader for talent acquisition and management. Since our inception as an R&D-focused company 20 years ago, Textkernel has aspired to help people and jobs connect better. With the acquisition of Sovren, Textkernel is one step closer to creating an AI platform which makes all talent and labour market data meaningful, actionable, and globally accessible for everyone,” says Mulder, CEO of Textkernel.
Main Capital Partners: What you need to know
Main Capital Partners is a software investor in the Benelux, DACH, and the Nordics. The company has €2.2B under management and invested in more than 120 software companies. It employs 45 people and has offices in The Hague, Stockholm, and Düsseldorf.
Pieter van Bodegraven, Managing Partner Benelux at Main Capital and Chairman of the Supervisory Board of Textkernel, says, “We expect to become more active in the United States in the short to medium term. This is a very exciting moment for Main as we see great potential for many of our European platforms to rollout operations in the USA through buy-and-build strategies.”