Vista Equity Partners has agreed to sell Bullhorn to Insight Venture Partners. No financial terms were disclosed. The deal is expected to close in the fourth quarter of this year. Atlas Technology Group advised Vista on the transaction while Evercore Partners advised Insight. Boston-based Bullhorn is a provider of CRM and operations software for the recruitment industry.
BOSTON–(BUSINESS WIRE)–Bullhorn®, the cloud computing company that helps staffing and recruiting organizations transform their businesses, today announced a partnership with Insight Venture Partners to provide the capital for the company’s next phase of growth. As part of the transaction, Insight will be purchasing all shares owned by Vista Equity Partners. Insight is investing in Bullhorn because of the substantial market opportunity for staffing and recruiting as an industry, as well as Bullhorn’s reputation for delighting customers with its award-winning platform and organizational capacity around the globe. The investment will be used to further catalyze Bullhorn’s growth in a rapidly evolving industry, fueled by new demands for the future of work. The entire management team will remain with the company to execute on its strategic roadmap and continue its mission to create an incredible customer experience.
“We are excited to work with Insight to amplify our tremendous momentum with another great financial sponsor as we continue to grow this business, and I am personally more committed than ever to our customers and to our people,” said Art Papas, Bullhorn CEO and Founder. “Vista’s investment and expertise helped us build out the platform and people that have enabled us to rapidly scale, and we’re looking forward to partnering with Insight on our next phase of growth.”
The staffing and recruiting market is currently in the midst of transformational change, driven by several trends: 1) globalization, which is driving a greater need to collaborate across divisional boundaries; 2) legacy system replacement, in order to facilitate greater responsiveness to customer needs; 3) newer workforce management models which require middle office flexibility; and 4) increasing competition, driving a need for speed. Bullhorn is well-positioned to continue helping staffing and recruiting firms worldwide respond to these trends and to evolve their businesses to serve their customers more effectively, with a higher degree of quality and scalability. As a growth-oriented investment firm, Insight recognizes the enormous opportunity created by these trends, and has chosen to partner with Bullhorn to power the next phase of the recruitment platform company’s growth.
Alan Cline, Principal and Co-Head of the Foundation Fund at Vista added, “We are thrilled to announce the sale of Bullhorn to Insight. It has been a pleasure working with Art and the Bullhorn team over the past five years to help quadruple the company’s revenues, accelerate platform investment, and expand internationally to best serve the software needs of staffing and recruiting firms globally.”
“Insight is looking forward to working with the Bullhorn management team on their next phase of growth,” said Deven Parekh, Managing Director, Insight Venture Partners. “The company is uniquely positioned to expand their footprint both in new segments and geographically. Bullhorn is the software leader in the staffing and recruiting sector. As the workforce continues to evolve, we believe that continued strong investment in next-generation technology will extend Bullhorn’s market leadership position.”
A definitive agreement has been signed, and the deal is expected to close in the fourth quarter of 2017. Terms of the deal will not be disclosed. Vista was advised by Atlas Technology Group on the sale. Insight was advised by Evercore Partners.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based investment firm with offices in Austin, San Francisco, Chicago, and Oakland with more than $30 billion in cumulative capital commitments, currently invests in software, data and technology-enabled organizations led by world-class management teams with long-term perspectives. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies’ realization of their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit http://www.vistaequitypartners.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on Twitter: @insightpartners.
Bullhorn is the global leader in CRM and operations software for the recruitment industry. More than 7,000 staffing companies rely on Bullhorn’s cloud-based platform to drive sales, build relationships, and power their recruitment processes from end to end. Headquartered in Boston, with offices around the world, Bullhorn employs more than 650 people globally. The company is founder-led and backed by Vista Equity Partners. To learn more, visit www.bullhorn.com or follow @Bullhorn on Twitter.