Recruiter.com Group Inc (OTCQB:RCRT) CEO Evan Sohn released a letter to shareholders Wednesday touting the company’s recent success and plotting a course for future mergers and acquisitions — not to mention a potential $40 million run rate — in 2021.
“Our corporate mission aligns with our nation's mission at this historic moment,” Sohn wrote. “As the country seeks to rebuild in the aftermath of the pandemic, we will drive the effort to re-hire millions of people and provide new economic opportunities for the next generation.”
In December, the company generated $4 million in organic traffic, according to domain research platform SpyFu. In the third quarter, Recruiter.com posted year-over-year revenue growth of more than 50%.
READ: Recruiter.com Group says its video solution is now available on SAP App Center
“In 2020, we helped top companies find call center operators, nurses, mortgage professionals, IT engineers, and even a rocket scientist,” Sohn wrote. “We also helped our network of small and independent recruiters earn thousands of dollars in fees during a year when the recruiting industry was hit hard.”
In the fourth quarter, Recruiter.com launched three new initiatives: On Demand, a gig platform for recruiter services; Video, a video-hiring Software-as-a-Service (SaaS) platform allows recruiters to screen candidates; and No Resume Required, a video resume initiative designed to help millions of unemployed people.
Recruiter.com earns $1.25-$2 per candidate video, the company said. More than 22% of jobs in the US turn over each year, and an average of 30 candidates per job would create an adressable market for Recruiter.com of more than 1 billion resumes that employers view annually.
Looking ahead, Sohn is plotting a course for future growth.
“To accomplish our mission more rapidly, we are setting a course for expeditious growth that includes acquiring high-quality businesses,” Sohn wrote. “We recently announced one transaction, and we are in discussions and negotiations with numerous other companies.”
Recruiter.com recently acquired OneWire, a subscription-based talent-marching platform for the financial, banking and accounting sectors.
“We intend to achieve significant organic and inorganic growth in 2021 by building on our success in 2020, leveraging our stock to acquire complementary businesses, and capitalizing on our recruiting-industry position and strong technical capabilities,” Sohn said. “...Our 2021 objectives are clear: continue to scale our platform revenue to a $40M revenue run rate, achieve cash flow profitability, up-list on a national exchange, and continue to unlock the longer-term value of Recruiter.com as a billion-dollar brand."
Recruiter.com aggregates smaller hiring firms and independent recruiters under a common platform and provides them with access to more clients and technology.
The group says it is disrupting the $120 billion recruiting and staffing industry by combining an AI and Video hiring platform with the world's largest network of over 27,500 small and independent recruiters.
—Updated with additional video resume information—
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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