TalentSpring, a Seattle-based company that provides recruiters and HR professionals with an SaaS-based candidate sourcing solution, has been purchased by an undisclosed buyer, according to an article published yesterday on Techflash.com.
The four-year-old company was founded by Bryan Starbuck, a former Microsoft developer who raised $2.6 million for TalentSpring from Second Avenue Partners and others.
During a panel discussion in Seattle yesterday, Starbuck revealed to the audience that TalentSpring was snapped up by a mystery buyer who had approached him a year ago about a possible acquisition.
Starbuck didn’t bite then, but the second time the buyer came around, he acquiesced. Starbuck remained mum on the details, including purchase price, but noted that the purchaser, a privately held company, was “an incredible fit.”
According to their website, TalentSpring utilizes semantic search technology to find resume matches for open positions. Their patent-pending algorithmic ranking system identifies which job attributes are most important for the search results filtering out the ‘close-but-not-quite’ candidates before search results reach the recruiter’s desk.
The resume search engine reviews an organization’s open job descriptions, identifies the relevant attributes being sought (experience, skill, location, education, etc.), and then matches those attributes to thousands of resumes found on social networking sites, job boards and the organization’s Applicant Tracking Systems (ATS).
The search results are ranked and ordered based on candidate quality and relevance, with the goal of saving recruiters and hiring managers time, improving hire quality, and reducing overall time-to-hire.
“By our ability to rank résumés and understanding all of the nuances of the position, suddenly people who are exact matches are pulled to the top,” Starbuck said in an interview with TechFlash last year. “It is about cutting out all of the labor of looking through 20,000 résumés before you can get down to a set of people.”