Today Arlington, VA based Snagajob announced they are acquiring Charleston based PeopleMatter in a reverse triangular merger. This comes after the February announcement that Snagajob raised $100 million, which many speculated would be used for acquisitions. Together, the two organizations will create a market-leading human capital management platform for the hourly market, addressing each aspect of the talent lifecycle. More simply, helping people find hourly jobs quickly while screening them virtually.
According to a company spokesman, the terms of the acquisition are not being made public, “however, I can say that we made this purchase because it was a good financial investment and the opportunity to grow our business is tremendous.”
The acquisition will also result in PeopleMatter integrating into Snagajob, though details regarding branding have yet to be made public.
According to their spokesman PeopleMatter retains a very positive brand equity in the market, and they do not want to lose it. “We have already started the process of joining our brands in a way that make sense for our company and our customers.” As a result PeopleMatter will be the surviving brand name, acting as a subsidiary of Snagajob. PeopleMatter will continue to maintain their offices in South Carolina and Atlanta.
“We are incredibly excited to welcome the PeopleMatter team to Snagajob,” said Snagajob CEO Peter Harrison. “As employers struggle with a challenging hiring environment, the joining of our companies couldn’t be better timed. Adding PeopleMatter’s best-in-class products to our existing market-leading portfolio will help employers of all sizes more easily find, hire and manage their hourly workforce.”
The news comes after a series of changes to Snagajob. From their strategic partnership with LinkedIn to hiring the former head of product at OpenTable, Jocelyn Mangan, as chief product and marketing officer. To date, the company has directly played a role in the hiring of more than three million people in the past year, and has doubled their revenue from employers in the last few years.
“We have been focused on taking PeopleMatter to the next level through building innovative solutions, growing our total addressable market and working to transform how the hourly market works,” said PeopleMatter vice president of customer success Jay Nathan. “Combining with Snagajob allows us to do this and more. Joining the hourly market’s top ‘find’ solution and full-featured ‘hire’ and ‘work’ solution creates a powerful, unmatched product set. We now can be a part of something bigger, expand our reach, and make a larger impact on the hourly market.”
According to a statement by Snagajob, customers can expect to continue interacting with each company as they have in the past. As they progress towards integration, both sets of customers can expect expanded offerings drawing from the feature sets of both companies.