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The global recruitment software company Bullhorn Inc. has been acquired by the private equity firm Vista Equity Partners for an undisclosed amount although multiple reports suggest a nine-figure sum, it was announced yesterday.
“Vista's financial strength and extensive software industry experience make them an ideal partner to help us realize our aggressive plans for product development and global expansion while maintaining high levels of satisfaction and support for our current customers,” said Art Papas, co-founder and CEO of Bullhorn. Papas was also reported by the Boston Business Journal as saying that the acquisition should help with positioning the company to go public — once the IPO market has recovered from the debacle over Facebook's public offering.
Bullhorn will continue to operate as a stand-alone company with the acquisition expecting to boost international growth. The firm has grown rapidly over the years and has been included in prestigious rankings such as Deloitte Technology Fast 500 and the Inc. 5,000 which track the fastest growing companies in the US.
In 2011, Bullhorn saw a record-breaking year with revenue rising by +40%. Last year the firm heavily invested in software innovation, redesigning its candidate search function in order to improve speed and allow recruiters to target searches more efficiently.
“Forty percent growth year-over-year is impressive at any time, but achieving that level of growth in a challenging economic climate is an even greater testament to the strength of the Bullhorn team,” said Alan Cline, principal and co-head of Vista Equity Partners Foundation Fund.
Bullhorn was founded in 1999 and serves over 12,000 staffing and recruiting clients across 126 countries. The company’s recruitment software is delivered using the software-as-a-service (SaaS) model and is headquartered in Boston, US.
Vista Equity Partners is based in the US and reports having $6.6 billion in committed capital to technology-based organisations.