Veritone To Acquire Intelligent Hiring Platform PandoLogic For $150M

  • Veritone Inc VERI has agreed to acquire intelligent hiring solutions provider PandoLogic, Inc for $150 million in cash and stock.
  • The purchase price includes $50 million in cash and $35 million in Veritone stock. The remaining 43%, or $65 million in cash and stock, is payable based on earnouts tied to financial performance in FY21 and FY22. Veritone will issue stock consideration valued up to $56.7 million, or 2.8 million shares.
  • The acquisition is likely to be immediately accretive.
  • PandoLogic's fully autonomous recruiting platform helps employers source talent faster and more efficiently with predictive algorithms, machine learning, and AI.
  • PandoLogic will become a Veritone subsidiary operating in Israel. Management plans to update Veritone's guidance on Aug. 3 with the Q2 result announcement.
  • Veritone held $127.5 million in cash and equivalents as of Mar. 31.
  • Price action: VERI shares traded higher by 3.1% at $19.28 in the premarket session on the last check Thursday.

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