As 89% of human resources (HR) leaders are prioritizing HR tech in their budget for the third year in a row, according to Gartner, there is ample room for market expansion for some of the latest HR technology.
One such company, Cadient, a leading provider of talent acquisition solutions in the hourly hiring sector, announced this week that it has been acquired by private equity firm Basis Vectors Capital. The firm invests in technology creates long-term value for market leaders in the B2B SaaS space.
Based in North Carolina and in operation for over 20 years, Cadient provides technology-based talent acquisition solutions for enterprises, specializing in the complex market of hourly hirings. They help their customers simplify the hiring process through software. Cadient has processed over 670 million candidates and facilitated over 7 million hires throughout its existence, and has helped companies to significantly reduce turnover and increase productivity, Cadient said in a statement.
The company’s services focus on high-volume precision hiring with specialties in diverse and high-retention talent. Cadient’s solutions have been widely applied across industries including healthcare, hospitality, and retail, with the company seeking to expand its services to many more sectors.
According to a company release, the company’s CEO, Jon Puckett, will continue to run the day-to-day operations of the business.
“At Cadient, we’re thrilled to embark on this new chapter with a partner who shares our vision for transforming talent acquisition,” said Puckett. “By joining forces with Basis Vectors Capital, we’re gaining access to their invaluable expertise in empowering and scaling SaaS businesses.”
The executive went on to say that this collaboration will fuel Cadient’s ability to deliver exceptional value to our customers and achieve their ambitious market expansion goals. “We’ll leverage this partnership to propel Cadient’s innovation and shape the future of hiring excellence.”
The acquiring private equity and technology investment firm, Basis Vectors Capital, shared Puckett’s enthusiasm.
“We’re excited to partner with Cadient’s management team to build upon their impressive achievements and drive even more growth,” said Basis Vectors Capital CEO Ambarish Gupta. “This acquisition is a testament to our belief in Cadient’s potential to transform the hiring landscape, especially with their longstanding success, and considering the significant demand currently rising for efficient and effective hiring solutions”.
The PE firm is based in New York and works with and acquires B2B SaaS companies to help improve their financial efficiency, according to a statement. The firm also operates in Silicon Valley, India, and Ukraine.
Disclosure: This article mentions a client of an Espacio portfolio company.
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