The Riverside Company has made an investment in Cleveland-based Shaker, a provider of pre-employment assessments. No financial terms were disclosed.
The Riverside Company has invested in Shaker, a provider of SaaS-based online pre-employment assessments used by employers ranging from Fortune 500 to middle market companies for a range of entry-level to mid-management positions.
Headquartered in Cleveland, Shaker offers the Virtual Job Tryout (VJT) software product suite, which integrates gamification, simulation, realistic previews and validation to deliver a candidate experience that engages, educates and evaluates job applicants. Shaker’s interactive and engaging online simulations are scientifically developed specific to each job and customer to predict on-the-job performance based upon the critical competencies for success. The VJT simulations are designed based upon rigorous studies by Shaker’s staff comprising more than 25 PhD experts to pinpoint the characteristics that have proven to predict job performance.
“A bad hire is an expensive mistake, and Shaker’s simulations are a proven way to improve new hire retention, new hire job performance, and business results,” said Riverside Managing Partner Loren Schlachet. “Shaker has a deep understanding of a variety of roles and is trusted by many of the most sophisticated blue-chip companies in the U.S., including over 30% of the Fortune 50.”
Shaker’s customer base includes many of the largest and most forward-thinking technology firms, retailers, banks, e-commerce, insurance, pharmacy, manufacturing, restaurant chains, call centers and federal government clients in the U.S. The company has consistently experienced double-digit revenue growth and has more than doubled in size during the last five years.
Riverside intends to build on Shaker’s outstanding product offerings by enhancing sales and marketing, investing in new product development and expanding internationally.
“Shaker is one of those truly unique companies that offers a compelling value proposition to multiple constituencies – including its customers in the form of better hires, and job applicants in the form of a more enjoyable and informative application experience,” said Riverside Partner Joe Manning. “We are excited to partner with Shaker’s exceptional management team, many of whom are among the most accomplished experts in the field of pre-employment assessment. The unique blend of science, candidate experience, and ROI behind Shaker’s pre-employment assessments are unmatched in the industry. It’s no surprise that they have attracted a world-class customer base.”
Working with Schlachet and Manning on the deal for Riverside were Vice President Garrett Monda, Associate Blake Tokheim, Operating Partner John Kish, Finance Director Doug Guess, and Principal Dan Haynes. Regional Director, Origination Cheryl Strom sourced the deal for Riverside.
About The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 490 transactions. The firm’s international portfolio includes more than 80 companies.