Indian online recruitment market is growing 12 percent year on year basis, as per recruitment platform Monster report. In this market, the recent development is that a US-based PE firm Turn/River Capital has acquired the US and Bengaluru based HR tech startup Recruiterbox for an undisclosed amount in an all-cash deal, as per ET reports.
The US-based Turn/River Capital provides funding to help bootstrapped, growing, technology and SaaS-based companies. The firm has previously acquired other HR tech companies like ReviewSnap and Trakstar under the ATSI banner.
With this acquisition, the PE firm strategy is to build a suite of HR technology products. The startup will merge under the Applied Training Systems Inc (ATSI) banner of Turn/River Capital.
In 2011, the SaaS-based HR tech startup was founded by Girish Redekar,Raghuveer Kancherla, andRaj Sheth. The bootstrapped startup provides applicant tracking system to help growing companies manage their incoming job applications.
Redekar said, Everyone in the team continues to work in exactly the same roles as before. Turn/River Capital will help with its expertise on the sales and marketing side in accelerating the growth of SaaS companies. The cherry on the cake is that everyone in the team receives stock options in the new combined entity.