Teakwood Capital, a Dallas-based private equity firm, has acquired MyOpenJobs, an operator of vertical career sites and Web-based recruiting management software. No financial terms were disclosed.
Teakwood Capital, a Dallas, Texas private equity firm, and MyOpenJobs’ management team have partnered to continue building on the success the Company has shown to date. Since the recently consummated partnership, the Company has signed relationships that should double its profits in 2010 and has increased its reach into vertical target markets by 67%.
MyOpenJobs is a technology and services firm that develops and manages vertically focused career sites and web-based recruiting management software. The Company operates the largest employment websites for the Heating & Air Conditioning (HVACAgent), Plumbing (PlumbingAgent) and Electrical (ElectricalAgent) industries, which currently represent jobs from over 4,700 Contractors, Building Owners, Manufacturers and Suppliers across the United States and Canada.
MyOpenJobs has built a proprietary matching engine that eliminates approximately 50% of the applicants that “clearly” can not perform the job being filled, helping to save employers thousands of man-hours each year. During the last 12 months, the Company’s matching engine and review staff, have evaluated 723,206 potential applicants and have submitted 379,924 (53%) to employers for consideration.
“I continue to be impressed by what the Company is able to accomplish on such a grand scale and in such a short amount of time. Their execution is tremendous.” said Shawn Kelly, Managing Director of Teakwood Capital.
I continue to be impressed by what the Company is able to accomplish on such a grand scale and in such a short amount of time. Their execution is tremendous.
The next generation of the Company’s software includes the first “truly” industry specific web-based recruiting management system for small to mid sized employers to manage all their open jobs and applicants, regardless of the source (e.g. newspapers/career sites/word of mouth/etc…). The beta version is currently in use by customers who are posting jobs, and the first release of the public version should be ready by the end of 2009.
Teakwood Capital, a Dallas, Texas private equity firm provides the resources and experience to support management teams in buying and building companies. The Firm invests equity capital primarily in businesses with under $3.0 million of EBITDA. Teakwood focuses on management buyouts as well as growth equity investments in companies in Texas and neighboring states.