SmashFly Technologies Secures $9 Million to Advance Vision for Total Recruitment Marketing
OpenView Venture Partners Leads Round To Expedite Industry Innovator's Mission To Transform Recruitment Strategies
BOSTON, June 24, 2014-- Last June, J.P. Morgan Chase published a study that suggested more than 75 percent of businesses today cite talent acquisition as one of their biggest challenges. While talent acquisition can be exacerbated by a number of issues, one particularly glaring obstacle is that many organizations continue to rely on legacy ERP and ATS systems to manage the post-applicant recruitment process. Meanwhile, the pre-applicant recruiting experience continues to be haphazardly managed by several disparate solutions — namely, CRM systems, job distribution software, mobile and social recruiting tools, and myriad career sites.
Ultimately, the result of all of that is an overly complex, costly, and inefficient recruiting process, which prevents recruiting teams from capturing and centralizing data — two critical components of executing and improving talent acquisition. SmashFly Technologies, the leader in Recruitment Marketing Platform technology, believes its Platform is the answer to those challenges. And today, the Massachusetts-based SaaS company announced that it had secured the funding to help bring that solution to the masses.
Led by OpenView Venture Partners, SmashFly's $9 million Series A round arrives at a time of considerable momentum for the company. Over the past four quarters, SmashFly has achieved exponential growth, made several key hires to bolster the company's executive team, and established a handful of important strategic partnerships, most notably with industry leading recruitment process outsourcing (RPO) provider Randstad Sourceright. Year-over-year, the company's sales have increased by 263 percent, the largest gain since the company was founded in 2007.
"At OpenView, we are seeing a fundamental shift in how companies recruit," says OpenView Venture Partner George Roberts, who will take a seat on SmashFly's board of directors. "Hampered by legacy ATS, companies are looking for progressive solutions that move beyond transactional processes by leveraging proactive, data-driven talent recruitment strategies. With their unique product vision, growing customer base, and experienced team, we believe SmashFly is a leader in the next wave of recruitment innovation for companies that are serious about building great teams."
SmashFly's Platform delivers key recruiting insight by weaving the key elements of disparate technologies (social, SEO, mobile, career sites, web sourcing, job distribution, CRM and referral programs) into a single, organically built Recruitment Marketing Platform. By integrating this easy-to-use Recruitment Marketing Platform with an existing Applicant Tracking System (ATS), SmashFly provides complete data and analytics to every stakeholder in the hiring process — from the recruiter managing the search to senior executives and the line of business. Collectively, the Platform helps organizations gain greater visibility into their recruiting process and more easily evaluate and improve on their talent acquisition results.
"When we founded SmashFly in 2007, our goal was to leverage marketing strategies to give companies the recruitment analytics they needed to better leverage their time and money, and improve their talent acquisition processes," says SmashFly founder and CEO Michael Hennessy. "Today, we've built a complete Recruitment Marketing Platform that's used by companies such as Randstad Sourceright, Eaton, CDW, McGraw-Hill Financial and Bright House Networks to execute and measure their Total Recruitment Marketing strategy."
Hennessy says the Series A investment will accelerate SmashFly's product roadmap and will be used to add even more talent to its development, sales, marketing, IT, and customer success teams.
"This capital will ensure that we're able to achieve continued innovation, deliver a high level of customer service, and secure increased exposure in the market," Hennessy says. "But it's not just about money. The partnership with OpenView and its value-add OpenView Labs team will also give us the resources we need to continue to push the boundaries of what's possible in Recruitment Marketing and deliver a measurable competitive advantage to our customers that no other company can."
About OpenView Venture Partners
OpenView Venture Partners (www.openviewpartners.com) is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet, and technology enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly optimize their product, go-to-market, and organizational and operational functions. Founded in 2006, the firm invests globally and has approximately $440 million in total capital under management.
About SmashFly Technologies
SmashFly's Total Recruitment Marketing Platform helps corporate recruiting organizations and Recruitment Process Outsourcing (RPO) companies centralize their recruiting operations while providing real-time analytics across all of their initiatives to improve overall recruitment results.
The Total Recruitment Marketing Platform connects what are often disparate technologies into a single all-in-one software solution that includes Global Job Distribution, Social Recruiting, CRM, Web Sourcing, Marketing Automation, Mobile, Career Sites, Landing Pages, Search Engine Optimization (SEO), Employee Referrals and Talent Network Building. All with the actionable Analytics necessary to tell what's working and not working across the entire recruitment strategy.
To learn more, visit SmashFly at www.smashfly.com.
Venture Capital Database
Venture Capital Deals Spreadsheet