May 20, 2014
Jibe Secures $20 Million to Transform Hiring Market
New Investor SAP Ventures Leads Recruiting Technology Pioneer’s Series C Round
NEW YORK — May 20, 2014 — Jibe, Inc., a leading recruitment technology company, today announced that it has raised $20 million in a Series C financing round led by new investor, SAP Ventures. SAP Ventures’ Doug Higgins will join the Jibe Board of Directors. The new financing will be used to further Jibe’s mission to arm corporate talent acquisition professionals with innovative, cloud-based solutions leveraging mobile, social and business intelligence technologies. Jibe’s existing investors, Polaris Partners, DFJ, Gotham Ventures, Longworth Venture Partners and Thrive Capital, also participated in the round. Jibe has raised a total of $37 million in venture funding to date.
Jibe will use the investment to strengthen its position as a leading provider of innovative enterprise Software-as-a-Service (SaaS) solutions to the global human capital management (HCM) market, specifically by growing its software engineering, customer success and global sales teams. Gartner sizes the current HCM technology market at $8.2 billion. Additionally, funds will be used to further penetrate international markets and expand Jibe’s already significant footprint within the global Fortune 1000. More than 70 companies worldwide, operating in numerous industries, currently use Jibe to overcome complicated recruiting challenges. Through the first quarter of 2014, annual recurring revenue for the company grew 289 percent year over year, and contract bookings increased by 219 percent over the same period.
"The HCM software market has exploded in recent years as companies search for new technologies to effectively manage recruiting and talent management needs", said Doug Higgins, Managing Director at SAP Ventures. "As SAP Ventures has gotten to know Joe and his team, we are impressed not only by Jibe’s tremendous growth, but also by its innovative products and blue-chip customer base. Jibe’s focus on delighting enterprise customers clearly sets it apart from the competition. SAP Ventures looks forward to lending our unique experience and connections in enterprise IT to help Jibe solidify its position as a recruiting technology leader."
Jibe is a pioneer in mobile recruiting, introducing the first complete mobile job application experience for job seekers in 2012, enabling companies to offer job seekers a seamless, mobile-friendly experience. In 2013, Jibe introduced Recruiting Analytics™, the first-ever, real-time business intelligence solution developed specifically for talent acquisition professionals. Today, Jibe offers a comprehensive recruitment marketing platform developed to empower organizations to improve the candidate experience through the entire hiring funnel.
"Job seekers, recruiters and hiring managers deserve to have simple, easy-to-use solutions, instead of the complicated experience they are forced to endure with today’s legacy enterprise HCM providers", said Jibe Founder and CEO, Joe Essenfeld. "Now, large, global companies that were previously drowning in heavy enterprise solutions have an easy and intuitive user experience using Jibe. We design software for the people who are going to use it instead of just for the process it solves. By adding an investor as strong and experienced as SAP Ventures, with an unparalleled commitment to our growth evidenced by its market development team, we are poised to accelerate Jibe’s rise to category leader."
About Jibe, Inc.
Founded in 2009, Jibe provides corporate talent acquisition teams a cloud-based recruitment marketing platform to transform hiring and improve the candidate experience. Adopted by many of the world’s top companies – including Accenture, Macy’s and Walmart – the platform features an analytics engine at its core that pulls recruiting metrics from disparate back-end systems and turns them into actionable intelligence to guide hiring decisions. The Jibe platform also enables optimized mobile and desktop apply, simplifies job distribution, and streamlines employee referrals. Full integration with applicant tracking systems, combined with a SaaS delivery model, provides a seamless solution without disrupting processes or impacting IT resources. Jibe is headquartered in New York City and is backed by top investors, including SAP Ventures, Longworth Venture Partners, Polaris Partners, DFJ, Gotham Ventures and Thrive Capital. For more information, please visit www.jibe.com and follow us @Jibe.
About SAP Ventures
SAP Ventures, with more than US$1.4 billion under management, is an investment firm that seeks to partner with outstanding entrepreneurs and leading venture firms worldwide to build industry-leading businesses. SAP Ventures is an independent investment organization affiliated with SAP AG, the leading global enterprise software company. SAP Ventures leverages its relationship with SAP and its ecosystem for the benefit of its portfolio companies and underlying fund managers. SAP Ventures was founded in 1997 and has invested in more than 125 companies across five continents. For more information, please visit http://www.sapventures.com/ and follow us @SAP_Ventures.
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