erecruit Announces $25 Million Capital Raise Led by North Bridge Growth Equity Leading Innovator of Enterprise Staffing Software and Vendor Management System Raises Funding to Accelerate Growth and Client Success
BOSTON, July 10, 2014-- erecruit Holdings, LLC (erecruit), the emerging leader in enterprise staffing software and vendor management systems (VMS) for large staffing firms, today announced it has secured a $25 million minority investment from North Bridge, a leading growth equity firm focused on investing in emerging and high-growth technology companies. The growth funding, which is the first institutional investment in erecruit, will be used to further accelerate the business' momentum by adding to its seasoned team and further investing in product innovation as it continues to disrupt the market, improving the way staffing firms operate.
The global market opportunity for enterprise staffing software and VMS is large and growing rapidly as the demand and complexities of the contingent labor workforce increase. erecruit's highly configurable and intuitive enterprise software platform streamlines staffing firms' operations by providing seamless integration of front, middle and back office functions, including sales and client relationship management, recruitment, search & match, onboarding, time and expense management, pay/bill and reporting. Moreover, erecruit's platform can be accessed from any browser on any device and integrates with dozens of web applications to maximize efficiency.
"This investment in erecruit reinforces the decision Eliassen made in our selection," said Dave MacKeen, CEO of Eliassen Group. "We are excited for the coming innovations and the additional value we will generate using the erecruit platform."
"We're thrilled to team up with North Bridge and to leverage their network and extensive cloud technology expertise," said Judd Hoffman, Co-CEO of erecruit. "This investment underscores the huge potential erecruit has to further impact our clients and highlights why the world's most innovative staffing firms are using our software platform to drive greater levels of performance, productivity and profitability. We've made great progress over the past few years with triple-digit annual revenue growth, and this round of financing will be instrumental as we continue to invest in our people and our products in order to further fuel the success of our customers."
"erecruit is leading the way with a differentiated enterprise-ready, cloud-based, enterprise staffing software and VMS," said Jim Moran, general partner with North Bridge Growth Equity. "We're excited to partner with erecruit and believe they are very well positioned with disruptive technology and exceptional customer satisfaction to capitalize on an expanding market opportunity and become the market leader in the staffing industry."
erecruit is the emerging leader in enterprise software and VMS designed for staffing firms. erecruit uses modern, standards-based technologies to provide a highly scalable and configurable solution that allows today's best firms to put their clients, candidates and vendors at the heart of their businesses. To learn more, visit www.erecruit.com.
About North Bridge
North Bridge Venture Partners and North Bridge Growth Equity are active partners with entrepreneurs providing seed-to-growth financing for innovative companies looking to disrupt big markets. With $3.5 billion in capital currently under management, North Bridge partners, many founders themselves, work with entrepreneurs to apply their expertise in the creation, operation and scaling of market-leaders. The firm has funded more than 170 companies creating many billions in market value. Among those firms are Acquia, Actifio, Cool Planet, Demandware, Mavenir Systems, Paydiant, Proto Labs, Reval and Starent Networks. The firm has offices in Waltham, MA and Palo Alto, CA. To learn more about North Bridge go to www.northbridge.com.
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