Growth equity investment firm Edison Partners sold its portfolio company PandoLogic to artificial intelligence firm Veritone in a deal valued at $150 million, the company announced July 22.
PandoLogic will now become Veritone’s marquee offering for human capital management.
PandoLogic helped hire essential workers through the pandemic and partnered with several Fortune 100 companies to re-establish their workforces through job recovery, according to the announcement.
The company has experienced 700% growth since Edison’s initial investment in 2013.
“PandoLogic has truly been a remarkable growth story, with the company rapidly adapting its strategy, go-to-market, and technology to match the fast-changing recruitment market,” said David Nevas, partner at Edison Partners who led the investment, in a prepared statement. “When we initially invested, the category leaders included legacy job boards and newspaper help-wanted ads – most of whom no longer exist. This market has changed dramatically during our investment, and it’s a testament to this management team’s dedication and creativity that they’ve been able to harness shifting industry dynamics and build a true industry leader. We’re thrilled to have been a part of their growth story.”
In the last six months, Edison investments and exits have included behavioral intelligence company Jornaya, remote patient monitoring leader Health Recovery Solutions, go-to-market solutions platform Terminus, and ad tech leader TripleLift.
Edison is on track to achieve its fifth record-year for total exit proceeds, the company said.
