By Emma-Victoria Farr
LONDON (Reuters) – Dutch recruitment software firm Textkernel, backed by private equity firm Main Capital Partners, has acquired U.S. rival Sovren, Main Capital Partners said, a deal that aims to expand its business across North America and Asia Pacific and strengthen its technology base.
Sovren, based in Texas and which delivers a similar artificial intelligence software to Textkernel, will boost the Dutch firm’s position in the so-called “search and match” technology used by recruiters to screen candidates, its private equity owner Main Capital Partners said in a statement.
The deal is valued at 30 million to 40 million euros ($34.01 million – $45.35 million), said a market source.
“We expect to become more active in the United States in the short to medium term […] we see great potential for many of our European platforms to roll out operations in the United States through buy-and-build strategies,” said Main Capital’s managing partner Pieter van Bodegraven.
Based in The Hague, Main Capital Partners bought Textkernel in 2020. The buyout fund has 29 active portfolio firms and has completed 24 new investments in portfolio firms and add-on acquisitions since January 2021.
($1 = 0.8821 euros)
(Reporting by Emma-Victoria Farr. Editing by Jane Merriman)
