Online Recruitment Companies; Authoria and Peopleclick Combine in $100 Million Transaction

As further evidence of its commitment to the Human Capital Management marketplace, Bedford Funding, a private equity firm with $800 million in available capital specializing in investments in the software and IT sector, today announced its $100 million acquisition of Peopleclick, the leading provider of Talent Acquisition and Workforce Compliance and Diversity solutions. Peopleclick will join with Authoria, an existing Bedford Funding portfolio company which was the industry’s first provider of fully-integrated Talent Management solutions. The combination of these two leading independent brands, which will now operate under the Peopleclick Authoria (The Company) name, brings an unmatched suite of Talent Management software, services and consulting solutions to enterprise businesses around the world. Charles S. Jones, Managing Partner of Bedford Funding, will assume the role of Chairman and CEO of Peopleclick Authoria, effective immediately.

“Enterprise customers who are addressing increasing global workforce complexity and managing thousands, or even tens of thousands, of employees expect deep software functionality in the specific Talent Management disciplines they are enabling, whether it be recruiting, compensation, performance management, succession planning, compliance or vendor management. That said, with every silo or multi-silo function purchase, all enterprise customers come to the table with a long-term vision for a full suite of compatible and integrated Talent Management solutions so they can successfully apply a range of employee data toward desired business outcomes,” said Mr. Jones. “We are excited to now provide current and prospective customers the powerful combination of two leading brands and two deeply innovative and comprehensive suite providers in Talent Acquisition and Talent Management. With this integration we are delivering the first best-of-breed suite available in the market from one single-source vendor.”

Peopleclick Authoria is currently serving nearly 60 percent of the Fortune 100 and has proven expertise in meeting the needs of large global customers. The combined company has expressly committed to the ongoing support of all product lines offered by Authoria and Peopleclick prior to the union, and it will deliver key integration and innovation elements in order to provide broader capability for existing customers and one of the most comprehensive talent lifecycle solutions for new customers.

“Peopleclick Authoria represents the union of two strong players in the fast-growing Talent Management systems market,” said Josh Bersin, President and CEO of Bersin & Associates. “Both companies are product and market leaders in their segments, and together they bring scale and depth of management to drive growth and even greater customer value.”

All aspects of the Peopleclick business, including the Vendor Management System and the Compliance and Diversity businesses, will be integrated, along with the Talent Acquisition products, into a comprehensive Talent Management offering with Authoria’s existing suite. The Compliance and Diversity business previously within Peopleclick, combined with the full suite of post-hire talent management capabilities, is at the forefront of supporting the diverse workforce priorities and regulatory compliance initiatives of global customers for both companies. By extending customers’ ability to effectively control their contingent workforces, Peopleclick Authoria’s Vendor Management System offers customers the ability to fully manage the talent acquisition process – whether such talent is permanently added to an organization or considered on a contingent basis – to meet critical staffing and organizational performance needs within budget.

The full spectrum of Talent Acquisition and Talent Management products available through Peopleclick Authoria will continue to be sold independently or as part of a suite offering, and the Company will be delivering an Appreciation Program, which will reward the purchase of expanded suite functionality with discounted packaged pricing models, in the coming months to existing customers of both companies. In further support of customer initiatives in the coming year, the Company has made additional investments in the engineering and services groups to optimize the delivery of new functionality and integrations to customers in the U.S. through four data centers and eight offices spread across North America and internationally through an E.U. data center and locations in India, Belgium and the United Kingdom.

“As a customer of both Authoria and Peopleclick, I can already see how this will make an immediate impact on Talent Management,” said Brandy Fulton, VP of HR Operations, Citrix. “Recruiting really is the portal through which all employees pass and combining the rich functionality of Peopleclick’s offerings with Authoria’s comprehensive Talent Management suite closes the loop between Talent Acquisition and performance, compensation and succession. I enjoy working with, and have the greatest respect for, both Peopleclick and Authoria, and I look forward to seeing the products and functionality the combined organization will bring to the market.”

Mr. Jones, who has spent much of his career as an operating executive for a wide range of large public international companies and small growth-driven private companies, has a reputation for innovation and customer-centric growth strategies. He has a proven and highly successful track record in integrating software companies, identifying key inflection points of differentiation and unleashing the inherent value to the market. His desire to run this combined business is a powerful commitment to customers and a meaningful endorsement of his understanding of the importance of integrated Talent Management solutions for enterprise companies around the world.

Before becoming Managing Partner of Bedford Funding, Mr. Jones was Chairman and then CEO of Markham, Ontario-based Geac Computer Corporation, a Toronto Stock Exchange listed software company with annual revenues approaching U.S.$500 million. During Mr. Jones's tenure, he transformed the Geac business with two large public-company acquisitions and built an innovative and market leading business intelligence software enterprise focused on the financial value chain. On October 1, 2001, the Wall Street Journal named Geac the number one performing global stock. In 2004, Mr. Jones was named on the top 25 list of CEOs in Canada and, in 2005, on the top 10 list of CEOs in Canada by Canada's National Post newspaper.

Ron Kupferman, former Chairman and CEO of Peopleclick, and Jim McDevitt, former CEO of Authoria, will both operate as Vice Chairmen, working on Business Development activities in their respective markets.

Peopleclick currently serves more than 2,100 clients in 214 countries and territories, including 54 Fortune 100, and has strong vertical market presence in retail and health care, while recognizing employer preference for hourly or part-time employment in an increasingly regulated workplace environment. The organization was recently placed in the “Leaders” Quadrant of Gartner’s “Magic Quadrant” for E-Recruitment Software* based on its vision and ability to execute. Peopleclick also received the highest Market Readiness score of any vendor in The Aberdeen™ AXIS on Talent Acquisition report based on its ability to support its current installed base and bring new, award-winning products to market, among other key performance indicators.