Beamery has announced a new strategic investment by Workday Ventures. The announcement also sees Workday using the Beamery platform to identify new talent to bring into the organisation. Beamery will also join the Workday Software Partner Program.
The investment follows a series B funding round in June, where the company raised $28 million in a funding round led by EQT Ventures. CrunchBase notes that the company has raised $35 million without this latest funding. There is therefore an inference that Workday Ventures has invested a further $5 million. The press release does not confirm that amount though.
Beamery has enjoyed rapid growth over the last year. The focus that Workday has now placed upon it should help it continue that trajectory. In the last year it grew by 300% attracting customers from large enterprises. Once it is available on the Workday platform other companies will have easy access to its technology.
This is a smart investment by Workday Ventures. As a solution that compliments Workday, it enables it to strengthen its own solution now. It also places it in a good place to make a bid to acquire the company in the future. Assuming of course that Beamery wishes to sell.
Leighanne Levensaler, Senior Vice President, Corporate Strategy and Managing Director and co-head, Workday Ventures commented: “Beamery and Workday share a commitment to deliver cutting-edge solutions that allow organizations to take a more strategic approach to talent acquisition. By partnering, Workday and Beamery will be able to help customers more effectively engage future talent with personalized experiences, so they can attract the best candidates in order to help their businesses grow and compete in the future.”
Enhancing Workday with passive talent acquisition
That technology enables companies to identify early-stage, passive candidates. It delivers two products. Talent CRM helps companies identify and engage with passive candidates. This can both reduce the cost to hire those candidates, by 39% on average, according to Beamery and the time to hire by 31%. Its second product, Talent Marketing helps to draw better candidates into any recruitment process and again helps to reduce the cost of recruitment by 53%, according to Beamery. Customers include Facebook, VMWare, Balfour Beatty, Continental and now Workday itself.
Charles Mah, Vice President, Global Talent Acquisition, Workday commented: “Two things really stood out to us when selecting Beamery – its expertise in targeting early-stage, passive candidates, and its technology, which complements and extends the industry-leading capabilities of Workday HCM. This partnership helps support our talent networking strategy focused on building stronger candidate relationships by understanding their interests and motivations, and then matching them with the right opportunities.”
Enterprise Times: What does this mean
This triple announcement should have a huge benefit to Beamery. It will gain access to Workday advice through Workday Ventures. Once integrated into the Workday platform other Workday customers will be interested in this technology. Especially as Workday themselves were keen not only to invest in it but also to use it. The additional funding should also help with its future growth.
Abakar Saidov, CEO and co-founder, Beamery commented: “We’re thrilled to join the Workday family as a Software Partner. The industry expertise that Workday brings to the table, combined with the product integration that shared customers will gain from our partnership, extends our position to help companies redefine the way they work with talent.”
With Workday in partnership, will Beamery look to add others such as SAP SuccessFactors or Oracle HCM? Workday does not have exclusivity in the market though. If Beamery wants to become a dominant player it will need to retain a certain amount of independence. EQT as the lead investor will almost certainly prefer that it looks to the wider marketplace.