iCIMS acquires video recruiting startup Altru for $60M
Enterprise recruiting company iCIMS is announcing that it has acquired Altru.
iCIMS declined to comment on the terms of the deal, but a source with knowledge of the companies told us that the price is a combination of cash and stock, totaling around $60 million.
Founded in 2000, iCIMS offers a talent cloud" used by more than 4,000 employers attract, engage and hire new employees, and to help existing employees continue to develop their careers.
Former Marketo chief executive Steve Lucas became CEO in February, and he told me that that the recruiting world is overdue for reinvention. After all, every company says they want to hire the most talented people around, so he wondered, Well, okay, if you want that, why do you create such boring content? Why do you take a job that is exciting and should demand amazing human beings and create this super boring job description?"
Lucas sees video as a key piece of the solution, allowing companies to bring more authenticity" to what can be a stuffy and bureaucratic process. Just over a month ago, iCIMS announced another acquisition in this area - Paris-based Easyrecrue.
Altru raises $1.3M to improve recruiting with employee videos
Lucas said that while Easyrecrue has created tools to enrich video interviews, Altru can be most helpful earlier in the recruiting process, when companies are trying to stay connected with the most promising candidates and get them excited about a potential job.
Altru CEO Alykhan Rehmatullah (who founded the startup with CTO Vincent Polidoro - they're both pictured above) told me that while the company started out with a focus on recording and sharing employee videos for recruitment, its asynchronous videos are become used more broadly across companies. He suggested that's particularly true this year, while teams are working from home and everyone's looking for ways to communicate that are more expressive than Slack and don't require putting another 30-minute Zoom call on your calendar."
In fact, Lucas said that before talking to me, he'd actually been recording videos on Altru to explain the acquisition to his own team. He praised the platform's ease of use, joking, If I can use this thing, anybody can use it."
Rehmatullah said the entire Altru team will be joining iCIMS, where he'll become vice president of content strategy. The goal is to continue operating Altru as a standalone product while also finding new ways to integrate it into the iCIMS platform.
Altru previously raised a total of $1.3 million from Birchmere Ventures, Active Capital and Techstars.