Veritone Inc. (Nasdaq: VERI), a developer artificial intelligence technology, including an operating system, has agreed to acquire PandoLogic Inc., a provider of intelligent hiring software, for $150 million in cash and stock.
PandoLogic develops software that aims to improve the efficiency of the hiring process for employers. It will become a wholly owned subsidiary of Veritone, operating in Israel.
Working with many of the Fortune 100 focused on reestablishing their workforce through job recovery, PandoLogic says it helping to hire portions of the essential workforce and as a result, experienced rapid growth.
“This transformative acquisition builds on the strength of our organic growth, expands our addressable market with a new diversified revenue stream, and unlocks new growth and development opportunities as we integrate the platforms,” said Chad Steelberg, chairman and CEO of Veritone.
Stifel and Herzog Fox & Neeman acted as advisors to PandoLogic. Reed Smith, Meitar, and PricewaterhouseCoopers acted as advisors to Veritone.