A US-based staffing company called JBC was recently acquired by WorkGenius, a global, end-to-end freelance technology company. This landmark deal is expected to transform the freelance talent industry.
This acquisition, which closed on June 7, 2022, has reconfigured the combined company into WorkGenius Holdings. WorkGenius is based out of Hamburg, Germany, and had previously received $23 million in a post-Series A fundraising round.
New York-based JBC utilizes artificial intelligence (AI) in a bid to match highly-skilled talent to the correct work opportunities. Leveraging its proprietary algorithm, WorkGenius Holdings' talent pool will be better matched using a variety of factors that will reduce unconscious bias, including most notably gender/sex.
Investments were provided by Carlos Medeiros, former partner at Softbank, and Chad Leat, former Vice Chair of CitiGroup. Medeiros and Leat join existing equity investors including John Jahr as well as Axel Sven Springer.
The debt facility was provided by Investcorp BDC and CION Invest Corp and also invested in the equity.
“The next industry that needs disruption is the recruiting market,” said Carlos Medeiros, former partner at Softbank, which is the largest technology investor in the world.
Medeiros joins the board of directors at WorkGenius Holdings.
"There is an imminent lack of digitalization among established players, and in WorkGenius I see a company that understands how technology can be used in making hiring and managing talent easier," Medeiros said.
"Our goal is to incorporate the invaluable expertise of experienced staffers and offer them specialized tools to increase their efficiency. Let our A.I. do all the hard work of going through endless files, and instead use your time connecting the right people with their ideal job. There were many valuable lessons to be learned throughout the acquisition process. These experiences will aid similar undertakings in the future. We've proven that we are able to expand successfully, and now we're keeping a close eye on the market in case any comparable opportunities arise," Marlon Rosenzweig adds.
About WorkGenius Holdings
WorkGenius was founded in 2019 by Daniel Barke and Marlon Rosenzweig with the aim of enabling users to work independently and gain access to prestigious projects based solely on their professional skills, while helping companies meet their labor demand quickly and efficiently.