Exclusive-Recruitment software maker iCIMS raises funding from TA Associates after pulling IPO

By Krystal Hu

(Reuters) -Recruitment software program firm iCIMS has raised contemporary capital from U.S. personal fairness agency TA Associates after scrapping plans to go public, its chief govt informed Reuters on Thursday.

Already backed by personal fairness agency Vista Fairness Companions, iCIMS didn’t disclose how a lot it raised from TA Associates. Folks acquainted with the matter stated the most recent financing valued the corporate at about $3 billion, together with debt.

The folks declined to be recognized as a result of the phrases of the deal had been confidential.

iCIMS CEO Steve Lucas stated that as a part of the deal, Vista Fairness has offered a part of its stake to TA Associates, and the 2 personal fairness buyers now have equal holdings in iCIMS. Vista, which in April offered cybersecurity agency Datto for $6.2 billion, acquired a majority stake in iCIMS in 2018 in a deal that valued the corporate at $1.2 billion.

The software program firm had filed for an preliminary public providing (IPO) in August final 12 months. Nevertheless, the IPO market has nearly come to a standstill this 12 months as shares have plunged amid a tech-led market sell-off, forcing iCIMS to desert itemizing plans.

“With that uncertainty available in the market, we felt like the perfect path ahead was to associate with TA to attain our imaginative and prescient, which is to be a one-stop answer for every little thing it is advisable to discover and rent expertise,” stated Lucas.

The Holmdel, New Jersey-based firm offers cloud-based software program instruments to assist corporations rent and observe job candidates. It generates about $400 million in annual recurring income, and is rising at double-digit proportion charges whereas worthwhile, in line with the corporate.

iCIMS is amongst a spate of software program corporations that obtained a lift from the onset of the COVID-19 pandemic, which compelled companies to extend spending on distant working expertise. It counts over 4,000 corporations as prospects, together with large names reminiscent of Amazon and IBM.

iCIMS builds instruments that assist corporations recruit expertise and handle the hiring course of nearly. It has additionally developed expertise to assist recruiters meet range targets within the hiring course of.

(Reporting by Krystal Hu in New York; Modifying by Kenneth Maxwell)