Software-as-a-service (SaaS) company iCIMS secured $35m in equity on 11th December from Susquehanna Growth Equity (SGE), the private equity division of financial group the Susquehanna International Group of Companies, in return for a minority stake.
The funding represents the first outside investment raised by iCIMS since its founding in 2003, the company growing to be profitable through self financing. Based in the US, iCIMS is the developer of an automated recruitment platform – the Talent Platform – which enables businesses to track, recruit and orientate applicants.
iCIMS has been growing at a quick rate, increasing its customer base by around a third in 2011 alone, but is set to use SEG’s capital to expand more quickly. iCIMS plans to increase full-time staff by 25% in 2012, as well as its investment in acquisitions, marketing and product development.
In addition to the funding, three representatives from SGE – Scott Feldman, Amir Goldman, and Jonathan Klahr – will join the iCIMS’ board of directors.
Feldman, director at SGE, said: "We have been watching iCIMS and the talent management software space for quite some time and believe this well-managed, nimble, and extremely profitable SaaS company will continue to devour market share in the vast SMB space."
Feldman continued: "iCIMS has all of the makings of a SaaS giant on the march: strong leadership, clear strategic vision, innovative products, outstanding customer service, and employees who are invested in the company direction. We are very excited about the role our investment will play in the elevation of iCIMS’ success."