Recruiter.com Group Inc., a sector leader in on-demand recruiting solutions, said it expects to report revenue growth of over 25% for the third and fourth quarters of fiscal 2021 after it acquired new businesses, building on its product offerings.
The increases follow revenue growth of 81% in the six months to June 30 as it increased its on-demand recruiting solutions and transformed its business with subscription-based software, it added in a corporate update.
"2021 has been an extraordinary year for Recruiter.com, which included our initial listing on Nasdaq and a capital raise of $13.8 million," chairman and CEO Evan Sohn said in a statement.
"Jobs and hiring are at the center of the national conversation, which presents incredible opportunities for Recruiter.com to position its products,” he added.
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Apart from the closing of its upsized $12 million public offering and the Nasdaq listing, and the additional $1.8 million closing of underwriters' exercise of over-allotment options, the company said other accomplishments for 2021 include completing two acquisitions, including the Novo Group and Uncubed's technology solutions group, and integrating those businesses and products into its recruiting solutions.
It launched two new recruiting product offerings: Amplify, an artificial intelligence-powered email outreach solution, and the Recruiter.com recruiting jobs platform, which uses Uncubed's proprietary software.
Due to successful organic sales growth and the introduction of several new subscription-based products with higher gross margins, the company said it does not anticipate the need to either raise further capital or acquire other businesses in 2021 to continue its aggressive growth trajectory.
“Through the end of 2021, we expect strong revenue growth as talent gaps continue for US employers, recruiting budgets grow, and significant new client projects expand,” Sohn said.
“We invested this year in technology businesses while growing our sales and marketing teams. We will continue focusing on the organic growth of our technology-led recruiting solutions, which we believe will scale with the positive margin economics necessary to lead us to profitability.”
Recruiter.com is a go-to solution for solving dynamic and complex recruiting and hiring challenges. The company aims to be a leader in the $120 billion recruitment market.
Contact the author at stephen.gunnion@proactiveinvestors.com