WorkGenius Acquires US-Based JBC Staffing
- Deal between WorkGenius and JBC creates global, high-skill freelance staffing network using the power of A.I. to better match candidates with jobs and reduce bias in the hiring process
- Carlos Medeiros, former partner at Softbank – the largest global technology investor - joins board of directors
- WorkGenius considers the acquisition as a blueprint for further growth
New York, NY, 13th October 2022 – WorkGenius, a global, end-to-end freelance technology company that uses artificial intelligence to help match highly skilled talent, has acquired US-based JBC, a NY-based staffing company, in a landmark deal that will aim to transform the freelance talent industry. Investments were provided by Carlos Medeiros, former partner at Softbank, and Chad Leat, former Vice Chair of CitiGroup, who join existing equity investors including John Jahr and Axel Sven Springer. Investcorp BDC and CION Invest Corp provided the debt facility and also invested in the equity. This acquisition, which closed June 7, 2022, reconfigures the combined company into WorkGenius Holdings. The Hamburg, Germany, originating company had previously received $23 million in a post-Series A fundraising round.
“The recruiting market is the next industry that needs disruption,” says Carlos Medeiros, former partner at Softbank - the largest global technology investor - who joins the board of directors.
“There is an imminent lack of digitalization among established players, and in WorkGenius I see a company that understands how technology can be used to make hiring and managing talent so much easier. Having looked at the technology in combination with the newly acquired network from JBC, I see a dominant player with significant market share.”
Leveraging its proprietary algorithm, WorkGenius Holdings’ talent pool will be better matched using a variety of factors that will reduce unconscious bias, including most notably gender/sex.
WorkGenius is also considering the acquisition as a blueprint for further growth. The overall concept of improving already existing structures by providing WorkGenius’ cutting edge technological approach may well be employed for further strategic developments. “We’re not trying to push anyone out or be a fierce competitor. Our goal is to incorporate the invaluable expertise of experienced staffers and offer them specialized tools to increase their efficiency. Let our A.I. do all the hard work of going through endless files, and instead use your time connecting the right people with their ideal job. There were many valuable lessons to be learned throughout the acquisition process. These experiences will aid similar undertakings in the future. We’ve proven that we are able to expand successfully, and now we’re keeping a close eye on the market in case any comparable opportunities arise,” Marlon Rosenzweig adds.