Veritone Inc. stock chart – June 15, 2023.
  • Veritone Inc. (NASDAQ:VERI) stock saw an early bump on news it closed its acquisition of Broadbean for US$52 million
  • Broadbean develops software as a service technology that makes talent acquisition and engagement more efficient from CareerBuilder
  • The team expects this acquisition will significantly strengthen its AI-driven human resources solutions suite
  • Veritone Inc. (VERI) opened trading at US$4.47

Veritone Inc. (NASDAQ:VERI) stock saw an early bump on news it closed its acquisition of Broadbean.

Broadbean develops software as a service (SaaS) technology that makes talent acquisition and engagement more efficient from CareerBuilder.

Total consideration paid was US$52 million in cash.

The team expects this acquisition will significantly strengthen its AI-driven human resources solutions suite. With Broadbean’s distribution software, extensive network, and robust data set integrated with Veritone’s programmatic and conversational AI technology, Veritone HR Solutions can deliver the benefits of advanced recruitment marketing technologies to customers worldwide.

Employers of all sizes could use Broadbean’s distribution platform to benefit from job distribution at the individual job level, save time on posting their jobs to individual publishers, and pilot these capabilities on a smaller scale.

Veritone’s president and CEO, Ryan Steelberg, explained that this acquisition could allow the company to get involved with attractive market verticals – including the global talent acquisition and staffing technology and services market, which is forecast to be US$196 billion by 2028, according to Future Market Insights, all by leveraging AI-based automation, optimization, and intelligence at global scale.

“The lifeblood of AI is data. The combination of Broadbean’s data set of over 5 billion job advertising performance data points from its installed base of over 3,000 customers and 100 ATS partners and Veritone’s AI-enabled recruitment technology solutions, positions Veritone to further enhance recruitment insights for customers and scale AI-driven enhancements across its business,” Steelberg said.

Veritone is a cloud-based cognitive software company. Its proprietary artificial intelligence platform unlocks the power of cognitive computing to transform unstructured audio and video data and analyze it in conjunction with structured data in a seamless, automated manner to generate actionable intelligence. The firm recently deployed a series of product enhancements to its aiWARE-powered Veritone Redact application for the legal and law enforcement sectors, delivering greater customization capabilities to enable users to operate with a higher overall degree of efficiency, effectiveness, and seamlessness. Click here to read more.

Veritone Inc. (VERI) opened trading at US$4.47 but fell more than 3 per cent by midday trading. Though 6.3 per cent higher over the last three months, VERI stock has lost 29.8 per cent of its value since this time last year.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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