PeakEquity Partners’ fifth software investment; over $300 million of fund & co-investor equity invested since inception
PeakEquity Partners (“PeakEquity”), an enterprise software focused private equity firm, today announced that it led a $30 million investment in CareerArc Group (“CareerArc” or the “Company”) out of PeakEquity Partners I, L.P. (“PEP I”). CareerArc, is a leading HR technology company that combines social recruiting and virtual outplacement solutions to enable enterprise customers to recruit talent, transition their workforce and protect and enhance their employment brand.
“We believe this transaction will enable CareerArc to build on its long history of providing innovative HR technology solutions, leverage its strong SaaS technology platform and continue to grow share in a multi-billion dollar addressable market,” said Ric Andersen, Partner of PeakEquity.
CareerArc combines social recruiting and virtual outplacement solutions to help thousands of organizations, including many of the Fortune 500, maximize their employment brand. CareerArc Social Recruiting solutions allow companies to distribute jobs across all social channels, create and schedule shareable social media content, and track and measure campaign results. CareerArc Virtual Outplacement solutions allow companies to prepare employees for their next career step through resume development tools, skills assessments, job matching and on-demand career coaching. As one of the only businesses to offer both social recruiting and virtual outplacement solutions, CareerArc manages the two crucial touchpoints in employment where the employer brand is tested and scrutinized. Together, CareerArc solutions give customers the necessary tools to amplify and protect their employment brand.
“This investment and the support of the team at PeakEquity Partners should allow us to accelerate our growth, expand product offerings and strengthen our market position,” said Robin D. Richards, CareerArc CEO and Co-Founder. “PeakEquity has a broad set of strategic and operational experience in building software companies that will be valuable as we continue to execute on our vision and take CareerArc to the next level.”
“We are excited to partner with the team at CareerArc for the next stage of their growth. CareerArc has a seasoned executive team led by co-founders that have partnered together in their last three companies and have a 20-year working relationship.” said D.J. Andrzejewski, Partner of PeakEquity. “We are backing a team with a history of innovation that we believe will capitalize on the Company’s market opportunity to achieve accelerated revenue growth.”
CareerArc was founded in 2009 and has offices in Burbank, CA and Boston, MA. CareerArc plans to use the investment to fund an aggressive expansion plan including further product innovation while accelerating sales and marketing efforts.
The CareerArc transaction represents PeakEquity Partner’s fifth subscription-based, recurring revenue software investment. Since inception, PeakEquity Partners has invested over $300 million on behalf of PEP I and its co-investors.