The Search Party, an online recruitment place has acquired employers reviews website JobAdvisor, to strengthen it as it is prepared to expand overseas.
Founded in Sydney, The Search Party expanded to the UK and working to Canada soon. The startup claims it has reduced the average time it takes to hire from 69 days down to 10 days. A recent study published by management advisory company CEB showed the time it took to fill a position had increased by 50% since 2010. It holds 15 million agency-represented and validated candidate profiles on their system as proof of success. The company soon expects to open its operation in USA. ING Direct, Krispy Kreme are some of its clients who use the matching algorithm to find the right candidates.
CEO Ben Hutt said, “We now have candidates and customers in more than 50 countries and are well on the way to addressing a problem all businesses face – hiring great people quickly and easily.” He also added, “PWC reports that the Australian tech startup sector has the prospective to contribute $109 billion to the Australian economy and 540,000 jobs by 2033. It’s crucial that our success, together with that of predecessors like Atlassian and OzForex make an impact and paves the way for others to follow in our footsteps.”
The Search Party acquisition of JobAdvisor will help to strengthen employer branding in order to pull in better candidates. It would help the employers a better chance to communicate their company’s workplace culture and personality. JobAdvisor’s assets had been acquired from parent company JobVibe through part-cash, part-equity deal , but the acquisition terms and deals were not revealed. The startup would continue to operate under the own name.
JobAdvisors that works like TripAdvisor for travel sites, is now plugged into The Search Party’s system would help the recruiters know what they are selling and candidates can know about the companies and get prepared before going to the interviews.
The Search Party has raised over $10 million from high-net-worth individuals and a small venture capital fund, Carthona Capital. The startup is also in talks with various UK and US venture capital funds to get better opportunities. The company is even planning to move its headquarters overseas.
Margaret Semrani, talent manager of Brand Influence Group has been using the startup services for six weeks, said, “I had been quite hesitant to use The Search Party initially. But it’s much quicker. I have gained time in my day which is imperative. I’m able to spend more time thinking strategically about how to grow the business and attract the best talent.”