Earlier this week, HireVue announced that global investment firm The Carlyle Group signed an agreement to invest in HireVue as its majority investor. Both HireVue and The Carlyle Group are focusing on HireVue's global growth and technology innovations to help take HireVue to the next level. Existing shareholders, including TCV, Granite Ventures, and Sequoia, together with HireVue management, will remain minority investors.
As an on-demand video interviewing platform, HireVue enables job candidates to interview any time of the day, any day of the week, any week of the year. In addition, HireVue implemented an AI application four years ago that can dissect interviews and rank candidates according to who best fits the job. This allows HireVue customers to generate strong returns on their investment by reducing the time it takes to hire a candidate by 90% on average, and by increasing the number of prospective candidates, hiring objectivity, and the diversity of hires.
Kevin Parker, Chairman and CEO at HireVue, is passionate about the mission and purpose behind HireVue:
"When we're interviewing, we all bring our own biases, conscious or unconscious, to the process," Parker said. "But when we use algorithms that only look at job related skills and capabilities, we see a significant improvement in diversity in the hiring process. We can deliver that power of structured interviewing and generate a lot of benefits from that when we use these AI driven algorithms."
When approached by Carlyle, Parker saw experience and expertise that could take HireVue to the next level:
"We've done very well over the course of the last fifteen years, but we expect that as we think about the role technology will play in finding and assessing talent and helping people find the right job, Carlyle is going to be a great partner for us. Carlyle’s culture of ‘performance through collaboration’ makes it our ideal partner as we expand to new markets and enhance our support of enterprise partners around the world."
While this news is exciting for HireVue, Parker emphasized that things won't be changing drastically. "Sometimes when you say the words private equity, people immediately think you're cutting costs and doing all the things associated with that. We're not expecting any changes here at the company; we've got great partners to help us grow, and that's really exciting for us," he said.
And with the endless possibilities of technology, it's exciting to think where HireVue could grow. Parker claims this is just the beginning of a revolutionary process in the way people find jobs. He believes that future technology will be more focused on matching people with jobs rather than people searching for jobs. "I think we're at the starting point of a pretty exciting revolution in the way companies find talent and the way talent finds opportunity," Parker said.
Learn more on how HireVue is transforming the way companies discover, hire, and develop the best talent here.