Prytek Holdings, a multinational technology group, announced on Thursday the completion of its strategic investment of $21 million into US-based talent acquisition solutions firm, Hirewell. With this, Prytek has become a majority stakeholder in the company.
The proceeds from the funding will help Hirewell to accelerate its organic growth and to make investments into technology integration. Furthermore, Hirewell will acquire the Tel Aviv-based software company, ICV as a part of the investment.
“This investment enhances our vertical supply chain to ThriveDX (a portfolio company of Prytek) where we build vertical integrated solutions for Cyber and IT education for universities and corporates,” said Andrey Yashunksy, Prytek’s Co-Founder and Co-CEO.
Hirewell’s services include managed recruitment services, interim talent solutions and embedded on-demand recruiting. In addition, it has dedicated teams of recruiters for several service sectors.
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“Now, we will not only be able to create new experts but also manage their placements and solve corporate clients end to end for their recruiting needs,” Yashunksy added.
The acquisition of ICV is going to be crucial as its technology will be integrated into Hirewell’s managed recruiting services. ICV has built an Artificial Intelligence and Machine Learning-based technology to reduce the time recruiters spend searching for talent.
“The talent acquisition space has evolved and skill sets have gotten more complex over the last 20 years. Yet, technology has struggled to truly disrupt the industry. Recruiters are increasingly relying on multiple tools. Most of which don’t integrate, or have limited functionality,” said Matt Massucci, the Founder and CEO of Hirewell.
“We are thrilled to partner with Prytek and ICV to address these challenges.”