What Happened
Workday, a California-based leader in HR and finance solutions for business, has agreed to acquire Paradox, which provides software that streamlines the talent acquisition process through conversational AI, with a focus on high-volume recruitment campaigns.
By incorporating Paradox’s capabilities into Workday Recruiting, Workday will be able to offer a single platform that helps companies attract, engage and retain talent. Workday said the match will enable customers to take advantage of an end-to-end solution that reduces time-to-hire and improves conversion rates. In addition, Paradox, which is headquartered in Scottsdale, Ariz., will help Workday more effectively search and onboard employees of all types, including frontline and back-office workers, as well as full-time and contingent employees.
The acquisition price wasn’t disclosed; however, in 2021, privately held Paradox closed a $200 million Series C round, bringing its valuation to about $1.5 billion. The transaction is expected to close in October, subject to closing conditions and regulatory approvals.
Why It Makes Sense
Workday said incorporating Paradox will allow it to enhance its talent acquisition suite, Workday Recruiting, to offer an end-to-end AI-powered talent acquisition product that helps customers more efficiently find, hire and onboard employees. The candidate experience will be improved through increased personalization and more frequent communications.
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