Joberate spins off social media recruitment technology into new company Candarine.
Looking to focus exclusively on its mission to help society better understand job-seeking behaviors of the global workforce, Joberate has separated from its social media recruitment technology. The product development paths of the two technology platforms are not naturally aligned, and the aggregate capital requirements to fund both technology platforms simultaneously are onerous. Therefore, Joberate leadership completed a management buyout of existing Joberate shareholders in order to spin off the legacy social media recruitment technology business into a new company called Candarine.
Candarine was created for recruiters by recruiters. The company has built a social media recruitment technology and services platform with a clear mission, to help companies across the world to attract the best talent. Candarine’s technology and services offerings became an award-winning combination of integrated marketing and sales tools designed purely for recruitment. In fact, Candarine has already helped clients in more than 50 countries leverage social media as a sustainable complement to their recruitment strategy.
At the same time, Joberate has emerged as a disruptive technology that helps companies tackle big data, offering a digital information service of Predictive Analytics for HR and Recruitment™. Joberate has developed a machine learning platform that predicts changes in job-seeking behaviors, their causality, timing, locations, and myriad of actionable analytics. Joberate technology helps companies gain actionable insights by tapping the digital footprint of the global workforce, to help them reduce employee attrition, help with workforce planning, and talent attraction, which in total represents a $350 billion dollar problem globally.
Post the Candarine divestiture, Joberate co-founders Michael Beygelman, CEO, and Aki Kakko, head of product, will remain with Joberate in their current roles to focus on continuing to build Joberate into a global predictive analytics technology powerhouse.
Beygelman said, “Joberate’s growth has created a unique opportunity for our legacy products and services to be split into their own respective companies to gain more product focus and better access to capital. Most importantly, now independently, both companies can continue to invest in innovation and product development to help clients solve their complex business challenges. Everyone at Joberate wishes our former colleagues the best of success with Candarine.”
Vaida Vaitekunaite will assume the role of managing director for Candarine. Vaitekunaite commented, “The Internet and social media has disrupted traditional recruitment, which paved the way for Candarine to develop targeted social media recruitment technology and services that help companies realize measurable success and cost savings. We want to thank our former Joberate colleagues, and executive leadership, for their efforts in achieving this important milestone in our company’s development.”
Joberate recently won the 2014 iTalent Competition at the HRO Today Forum.