Human resources technology (HR tech) is booming. The HR tech market globally was valued at $32.6 billion in 2021, and is projected to reach $76.5 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031, according to Allied Market Research.
And HR tech companies are benefiting from the traction. This week, Cadient, a provider of talent acquisition solutions in the hourly hiring sector, announced it was acquired by Basis Vectors Capital, a New York-based private equity and technology investment firm that focuses on the B2B SaaS space.
“At Cadient, we’re thrilled to embark on this new chapter with a partner who shares our vision for transforming talent acquisition,” said Cadient CEO Jon Puckett.
He added, “By joining forces with Basis Vectors Capital, we’re gaining access to their invaluable expertise in empowering and scaling SaaS businesses. This collaboration will fuel our ability to deliver exceptional value to our customers and achieve our ambitious market expansion goals. We’ll leverage this partnership to propel Cadient’s innovation and shape the future of hiring excellence.”
Puckett will run the day-to-day operations of the company, and the financials surrounding the acquisition deal were not disclosed by the company.
Cadient has been operating for over 20 years in the recruitment industry. According to a press release, they’ve processed over 670 million candidates and facilitated over 7 million hires, significantly reducing turnover and increasing productivity for the world’s largest hourly hiring businesses.
The company’s services focus on high-volume precision hiring with specialties in diverse and high-retention talent. Cadient has worked with clients in the healthcare, hospitality, and retail industries, with the company seeking to expand its services to many more sectors.
The company was originally founded in 2002 as Unicru, but re-branded in the past few years.
“We’re excited to partner with Cadient’s management team to build upon their impressive achievements and drive even more growth,” said Basis Vectors Capital CEO, Ambarish Gupta. “This acquisition is a testament to our belief in Cadient’s potential to transform the hiring landscape, especially with their longstanding success, and considering the significant demand currently rising for efficient and effective hiring solutions”.
Basis Vectors Capital is based in New York and works with and acquires B2B SaaS companies to help improve their financial efficiency, according to a statement. The firm also operates in Silicon Valley, India, and Ukraine.
