Radancy Announces Strategic Investment from New Mountain Capital
NEW YORK, NY, July 20, 2022 – Radancy, the global leader in enterprise software and services solutions for end-to-end talent sourcing, today announced it has partnered with New Mountain Capital, a leading growth-oriented investment firm with over $37 billion in assets under management. The investment from New Mountain Capital will allow Radancy to accelerate its software product roadmap and expand its suite of services focused on helping enterprises optimally identify, engage, and hire talent. Existing investor Gemspring Capital will remain a minority investor in the company.
Talent acquisition is a mission-critical function for every company, but finding the ‘right’ talent, in the most efficient way, at scale, is increasingly challenging in the ‘new’ world of work. Radancy provides a best-in-class, global, cloud-based technology platform and consultative services that automate the recruitment process and provide a premium, personalized candidate experience, enabling customers to find the talent they need to support their business objectives.
Adoption of AI-based technology solutions to improve how companies identify, engage, and hire talent has been rapidly accelerating. Companies are increasingly looking for advanced career site platforms that offer a personalized and seamless job search experience, data-driven programmatic advertising technology to increase media ROI, candidate relationship management (CRM) solutions to track and engage with proprietary talent pools, and automated employee referral software to activate existing employee networks. Radancy’s unified platform is built as a holistic solution for all these needs.
“The world of work is undergoing massive change and enterprises need to adapt in order to remain competitive in the ‘war for talent’,” said Michelle Abbey, CEO of Radancy. “We are seeing tremendous demand from companies who are going through a fundamental shift from legacy talent acquisition operating models, involving manual processes and ad hoc tools, to a more integrated approach, leveraging Radancy’s end-to-end talent sourcing platform. This is an exciting time in our evolution and we are confident that New Mountain's industry expertise and proven track record of business building will help us accelerate our roadmap and continue to deliver greater value for our clients.”
“Radancy has proven themselves as a leader in the market, bringing a fully integrated technology stack with data and AI-driven solutions to help companies optimize their talent sourcing efforts,” said Lars Johansson, Managing Director at New Mountain Capital. “We look forward to partnering with Radancy for the next phase of growth as they continue to transform the world of talent acquisition. We see many avenues for growth ahead and look forward to building on the team’s impressive track record of success.”
“Radancy has an outstanding track-record as a trusted partner to its clients, serving many of the most respected employers in the world, and is well-positioned to continue to be at the forefront of the digital transformation of the talent acquisition function,” added Sean Donovan, Director at New Mountain Capital.
“Since our investment in 2018, Radancy has furthered its position as the market leader in enterprise talent sourcing solutions, building the industry’s leading end-to-end technology platform, all while maintaining an exceptional commitment to customer success,” said Ravdeep Chanana, Managing Director at Gemspring Capital. “We are excited about the continued partnership with Radancy and believe that New Mountain will be a great partner for the business in driving further success.”
Radancy and Gemspring Capital were advised by Lazard as financial advisor and McDermott Will & Emery as legal counsel. Jefferies and Piper Sandler acted as financial advisors and Ropes & Gray served as legal counsel to New Mountain Capital.
Radancy is the global talent technology leader intelligently solving the most critical challenges for employers and delivering results that strengthen their organizations. Radancy’s unified platform, augmented by rich data and deep industry expertise, is revolutionizing how employers attract and hire the talent they need. Radancy’s unified software platform includes a market-leading, integrated suite of technology solutions, including a best-in-class career site platform, programmatic advertising technology, candidate relationship management platform, and employee referrals software. For more information, visit www.radancy.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity and credit funds, with over $37 billion in assets under management. New Mountain seeks out what it believes to be the highest-quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. To learn more, visit www.newmountaincapital.com.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $1.5 billion of capital under management, provides flexible capital solutions to lower middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth and value creation. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial & insurance services, healthcare services, industrial services, software & tech-enabled services, or specialty manufacturing sectors. For more information, visit www.gemspring.com.