— Partnership Provides Upfront Cash, Cost Reduction Synergies, and Significant Upside through a Revenue-Sharing Agreement —
NEW YORK (December 6, 2022) — Recruiter.com Group, Inc. (NASDAQ:RCRT)(NASDAQ:RCRTW) ("Recruiter.com"), an on-demand recruiting platform, today announced a strategic partnership with Talent Inc., a leading provider of tech-enabled career services.
"We are excited to deepen our relationship with Talent Inc., a long-term partner of Recruiter.com," said Evan Sohn, CEO of Recruiter.com. "This is the first step in a new partnership that helps drive significant value to our company and team. We expect this transaction to meaningfully reduce our development costs while maintaining our ability to leverage the candidate sourcing platform. In addition, our revenue-sharing agreement will help further monetize our career communities and give us preferred terms for the resale of Talent Inc.'s career services."
Elements of the strategic partnership include:
The sale of certain intellectual property of Recruiter.com's passive candidate-sourcing software platform to Talent Inc. on undisclosed terms.
A revenue-sharing agreement that gives Recruiter.com a revenue share for the promotion and reselling of career services.
A planned ongoing services agreement granting continued access to the candidate-sourcing platform to Recruiter.com for 18 months.
"By joining forces with Recruiter.com, we are helping to build our talent network by enabling outreach via sophisticated AI technology," said Byron Matthews, CEO of Talent Inc. "We are excited to build a strategic relationship with Recruiter.com, developing new revenue opportunities and co-marketing our complimentary career and recruiting products and services."
Through Talent Inc.'s suite of brands, including TopResume, TopCV, TopInterview, Career.io, and Resume.io, job seekers gain access to award-winning tools and services to help them improve their careers, including resume creation, review, interview preparation, and more.
"Recruiters are tasked with helping candidates improve their professional lives by aligning their skills with client demand," continued Sohn. "Our growing network of on-demand recruiters will benefit from our partnership, and we look forward to building upon the relationship between Talent Inc. and Recruiter.com."