PE Firm Turn/River Capital Acquires HR Tech startup 'Recruiterbox'

Bengaluru-based HR tech startup Recruiterbox has reportedly been taken up by US-headquartered private equity firm Turn/River Capital in a cash deal.

According to the reports, the acquisition is aimed at helping Turn/River build a suite of HR-tech products and Recruiterbox will be merged into the PE firm’s performance management solutions banner Applied Training Systems Inc (ATSI).

Recruiterbox co-founder Girish Redekar said, “Everyone in the team continues to work in exactly the same roles as before. Turn/River Capital will help with its expertise on the sales and marketing side in accelerating the growth of SaaS companies.”

Recruiterbox is a software-as-a-service (SaaS) company founded in 2011 by Redekar, Raghuveer Kancherla and Raj Sheth. The bootstrapped firm makes an applicant tracking software which helps HR departments manage their hiring.

It pitches its platform as a centralised location which provides all hiring-related information and ensures that no candidate falls through the cracks.

Recruiterbox’s customers include Groupon, Progressive Insurance, Crunchbase, Scripted, US Department of Energy, among others.

Turn/River Capital, which is headquartered in San Francisco, is a technology-focused growth capital investor specialising in spin-outs, buyouts, recapitalisation, and growth equity investments in small-scale technology, web and SaaS companies.

The firm says it seeks to step into the space between traditional venture capital, private equity firms and strategic investors and help companies grow by combining capital with marketing and sales.

The other HR tech companies such as ReviewSnap and Trakstar had already been acquired by the PE firm under the ATSI banner.

The Indian HR tech space has attracted considerable interest from investors of late.