Veritone Inc., a developer of artificial intelligence software headquartered in the US, announced yesterday that it completed the acquisition of Broadbean, a UK-based provider of software as a service (SaaS) technology from CareerBuilder. Veritone says the deal will enhance its AI-driven HR solutions offering.  

The deal was first announced earlier this month. The total consideration paid was $52 million in cash on a cash and debt-free basis and is subject to certain adjustments in the purchase agreement.

Before synergies, the acquisition is expected to be immediately additive to Veritone’s operations and, on a standalone basis, is expected to generate SaaS and GAAP revenues of over $35 million on an annualised basis, of which approximately $30 million is subscription-based, with attractive margins.

The close of the acquisition is expected to significantly strengthen US-based Veritone’s AI-driven human resources solutions suite, building on the company’s previous acquisition of PandoLogic, a provider of programmatic job advertising.

Ryan Steelberg, president and CEO of Veritone, said the Broadbean acquisition accelerates Veritone’s mission to disrupt and modernise attractive market verticals, including the global talent acquisition and staffing technology and services market, “by leveraging AI-based automation, optimisation, and intelligence at a global scale.”

“The lifeblood of AI is data,” Steelberg said. “The combination of Broadbean’s data set of over 5 billion job advertising performance data points from its installed base of over 3,000 customers and 100 ATS partners and Veritone’s AI-enabled recruitment technology solutions positions Veritone to further enhance recruitment insights for customers and scale AI-driven enhancements across its business.”

Veritone said that with Broadbean’s distribution software, extensive network and robust data set integrated with Veritone’s programmatic and conversational AI technology, “Veritone HR Solutions will deliver the benefits of advanced recruitment marketing technologies to customers worldwide.”

“Integrating programmatic capabilities into Broadbean’s distribution platform will allow employers of all sizes to benefit from job distribution at the individual job level, save time on posting their jobs to individual publishers and pilot these capabilities on a smaller scale,” the company added.

Steelberg added, “As we take advantage of Broadbean’s extensive integrations, we envision many exciting attribution and down-funnel opportunities that we will continue to investigate, invest in and ultimately bring to market.”