Bullhorn Acquires Peoplenet to Accelerate Delivery of Workforce & Revenue Cloud Solutions
BOSTON--(BUSINESS WIRE)--Bullhorn®, the cloud computing company that helps staffing and recruiting organizations transform their businesses, today announced that it has acquired Peoplenet, a leading provider of cloud-based workforce management solutions. Peoplenet will help Bullhorn accelerate its cloud-based strategy for staffing firms with solutions for time, attendance, and expense management.
Peoplenet simplifies and automates time and expense collection, allowing staffing firms and other corporate accounts to increase operating efficiency and improve accuracy for compliance and approvals. Terms of the transaction will not be disclosed. The growth of contingent labor, the transition from on-premise to software-as-a-service-based solutions, and the heightened awareness for tracking the hourly workforce are creating a $2.8-billion addressable market and driving increasing demand for Peoplenet’s solutions. As many large staffing firms adapt to the changing workforce needs of their clients, these firms need greater flexibility in their time and billing solutions in order to address the increasing complexity in time management.
With Peoplenet, Bullhorn will address this challenge by delivering flexible time, attendance, and expense management solutions for staffing firms of all sizes. Bullhorn will also continue to support Peoplenet’s products for the company’s customers in the corporate market. Used by seven of the top 10 staffing firms in North America, as well as by large healthcare and hospitality companies, Peoplenet provides innovative time capture technology, a unique workflow rules engine, and tight integration with vendor management systems (VMS). Peoplenet tracks more than 575,000 workers per month and logs more than 75 million hours per year, and its products integrate with more than 60 applicant tracking systems and more than 60 VMS and third-party systems, making it the ideal solution for virtually any staffing company.
“We’ve known the team at Peoplenet for many years now, and we’ve been impressed with how they’ve built their business,” said Art Papas, founder and CEO of Bullhorn. “We share many of the same customers and approach to customer success, so joining forces with them will be a tremendous complement to our business. We’re looking forward to working with them to reach new customers and grow share in the market.”
Peoplenet CEO Ed Holmes will become a senior vice president at Bullhorn, leading the company’s Workforce and Revenue Cloud solutions, which will include offerings for time and expense management, attendance, contract management, and invoicing. Holmes will direct the overall strategy and delivery for Workforce and Revenue Cloud and support Bullhorn and Peoplenet customers across all industries.
“I’m incredibly excited to join the Bullhorn team,” said Holmes. “Like Bullhorn, we’re dedicated to creating an incredible customer experience, and we’re also committed to helping our customers deliver innovative workforce management solutions. I’m looking forward to accelerating our growth as our customers look to adapt to the changing needs of the market.”
In addition to announcing Bullhorn’s acquisition of Peoplenet, Bullhorn is also announcing the official closing of Insight Venture Partners’ acquisition of Bullhorn, which includes an investment from Genstar Capital, a San Francisco-based private equity firm with a focus on vertical market software companies.
In October, Bullhorn announced that Insight Venture Partners had acquired the company to power the next phase of its growth and help staffing firms navigate the new world of work. Insight and Bullhorn worked closely on the Peoplenet acquisition, and the acquisition is a tangible outcome of the growth strategy envisioned for powering the next phase of Bullhorn’s growth.
“We’re excited to hit the ground running with Bullhorn,” said Deven Parekh, managing director, Insight Venture Partners. “The Peoplenet acquisition is an important step into a new market segment and represents a significant growth opportunity for the Bullhorn team as they continue to build the business.”