Recruiterbox, a platform that has been writing its growth story by offering solutions to manage incoming job applications for enterprises, has been acquired by San Francisco-based private equity firm Turn/River Capital in an undisclosed all-cash deal.
Post the acquisition, Recruiterbox will merge under the Applied Training Systems Inc (ATSI) banner of Turn/River, according to Economic Times.
The acquisition is crucial for Turn/River, which specialises in growth capital investment, acquisition, and recapitalisation of web and SaaS companies and has previously acquired other HR tech companies like ReviewSnap and Trakstar.
Recruiterbox’s acquisition will help Turn/River’s strategy to build a suite of HR Technology products.
However, despite the new development, little will change in Recruiterbox. Everyone in the team will continue to work in exactly the same roles as before. Besides, it will utilise the expertise of Turn/River Capital on the sales and marketing side — in accelerating the growth of SaaS companies.
The platform was founded in 2011 by Girish Redekar, Raghuveer Kancherla and Raj Sheth and was based in Bengaluru. The bootstrapped startup has written a fast growth story.
Last year, it claimed to have an average rate of return to about $5 million. It has over 51 members (35 people in Bangalore and 16 people in the US) in the team and was working with over 2400 clients, including Couchsurfing, Olark, Wolfram, and Lonely Planet, among others.
However, the startup was not alone in the category. It was then competing with Greenhouse, Jobwise, JobScore, and BambooHR, among the hundreds of other recruiting startups.