Advances in Online Corporate Recruiting Introduced by Recruitsoft
San Francisco, CA – (BUSINESS WIRE) – September 22, 1999 –
Former TMP/Monster Worldwide EVP to Direct Company's U.S. and Global Expansion From New Headquarters in Silicon Valley; Agreement Reached to Acquire iLogos, Leading Internet Recruiting Research Firm Recruitsoft, creator of the world's most advanced Internet-based Hiring Management System (HMS), announced today that it is establishing its corporate headquarters in Silicon Valley, and has appointed Karen MacPherson, previously Executive Vice President of TMP/Monster Worldwide, as Chief Operating Officer responsible for spearheading the company's global expansion. Louis Tetu, Chairman and CEO of Recruitsoft, made the announcement.
"After completing our research and development and building a strong client base in Canada with Bombardier; its U.S. subsidiary, Learjet; Teleglobe, and National Bank of Canada, we will now be basing our operations in Silicon Valley and devoting our efforts and resources to the American corporate recruiting market. Karen's business savvy, proven track record in enterprise-wide business solutions and success at a leading Web-based management company, make her the ideal person to lead our company's next phase of growth," Mr. Tetu stated.
According to Ms. MacPherson, Recruitsoft represents the first significant change in corporate recruiting in more than 25 years. "In effect, Recruitsoft revolutionized recruiting by completely eliminating the resume and replacing it with proprietary skill-based screening technology," Ms. MacPherson explained. "Rather than challenge the traditional resume model, most current Web-based recruiting technologies have only attempted to refine it. Recruitsoft's enterprise-wide solution automates and manages virtually every aspect of recruiting from job-posting, applicant search and pre-selection, to reaching "passive" job seekers and developing centralized candidate pools. The result is an increased probability of hiring the right candidate. Instead of simply improving on an old, inefficient procedure, we completely redesigned it."
"Our system streamlines the recruiting process," she added, "delivering a superior candidate short list faster, more efficiently and at substantially lower cost."
iLogos to be Acquired by Recruitsoft
Mr. Tetu also disclosed that Recruitsoft had reached an agreement to acquire iLogos Corporation, the preeminent provider of Internet recruiting intelligence in North America. The firm was founded by Yves Lermusiaux, who serves as President and Chief of Research. At Recruitsoft, he will assume the position of Vice President, Strategy and Content. Terms and conditions of the acquisition were not disclosed. Mr. Tetu said the deal should be completed within the next few weeks.
Commenting on the iLogos acquisition, Mr. Tetu said: "All the moves we are making are designed for Recruitsoft to lead the revolution in Hiring Management Systems, and capitalize on what will be the dominant trends in recruiting for the next 10 to 20 years. Combining the analytical and intelligence gathering resources of iLogos, together with Yves' extensive strategic knowledge and experience, will lend enormous support to the consulting aspect of our business, and help us remain in the forefront of Internet recruiting trends. It is a wonderful fit for both our companies."
Mr. Lermusiaux added, "We are very enthusiastic about joining Recruitsoft, one of the very few companies breaking new ground in recruiting strategies, implementing the concepts that we as consultants have been recommending. It's a great opportunity for a firm like ours to actually apply its strategies in the real world with a partner who truly understands the issues."
Internet Becoming Dominant Means of Recruiting
The Internet has rapidly become the prime source of highly skilled employees as more are attracted by the Web's privacy, speed and reach. A study published in May 1999 by investment firm Thomas Weisel Partners, estimates within a few years, the market for Web-based recruiting will grow to $30 billion, up from less than $1 billion today.
Initially, Recruitsoft will target corporations with $1 billion in revenues that need large numbers of skilled people to support their growth. The company is currently building an extensive sales and customer support network throughout the U.S. to provide clients with a range of consulting services as well as system sales. These efforts are being led by Vice President, Sales, Francois Bouffard, based in the company's recently established Boston office.
Dramatic Reductions in Time and Cost
Companies employing traditional recruiting methods typically spend about $4,500 and five weeks per job posted. Recruitsoft's solution enables them to complete the process in less than half the time and at cost savings of as much as 70%.
Recruitsoft's system is 100% Web-based and requires no additional software, server installation or maintenance. It can be configured easily to each company's requirements, and billing is on a pay-per-use basis.
Using a customer-defined set of skills to create a questionnaire, Recruitsoft allows a candidate to apply for a specific position online without forwarding a resume. The system automatically analyzes each applicant's qualifications according to how well he/she meet the company's precise skill requirements. Potential candidates are assured complete privacy and anonymity, as they are contacting the company directly and can specify to what personal e-mail address they wish replies to be sent.
"Successful recruiting is not about resumes," Ms. MacPherson concluded. "It is about establishing a direct and continuing dialog with people who possess the precise skills and experience a company needs."
Recruitsoft is a company comprised of specialists in the fields of human resources management and Web-based business solutions. Originally based in Quebec City, Recruitsoft has completed several years of product development and beta testing in Canada. It is now establishing its headquarters in Silicon Valley and offering its Internet-based enterprise-wide recruiting solution to American corporations. The company is funded in part by Telesystem Software Ventures LP (Telsoft), Canada's largest venture capital fund dedicated to the software industry. Telsoft is the venture capital arm of the Telesystem Group, a 1999 Red Herring Top 100 company.
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