Dive Brief:
- In a signal of the current state of the recruiting tech market, Montage, a video and voice interviewing platform, acquired GreenJobInterview and ended its $8 million funding round, according to a press release.
- Video interviewing has caught the attention of recruiters thanks to its ability to streamline processes and reach a broader array of candidates. Leaders at Montage say that the two milestones "will support growth" and "fuel enhanced innovation."
- Experts at TLNT, however, note that growth in the video interviewing industry has slowed as of late and that this consolidation is just further proof of that trend. Growth is continuing, but not at rates that were predicted at the time of its original boom during the recession.
Dive Insight:
As the HR tech industry reaches saturation, acquisitions like these are becoming more common. Companies are trying to achieve growth and beat out a large field of competitors for business; acquisition is often the next logical step for smaller startups.
While growth in the field has stagnated, video interviewing is a strong example of the various innovations taking place in recruitment right now. Mobile-accessible job applications — even texting — are also growing in popularity, even becoming necessities in some cases. Recruiters want to reach potential employees where they will most likely respond, and today, that often means finding them through their mobile phones.
More generally, gamification has found a niche in video-oriented recruitment as well. As always, recruiters must be wary of making their process too gamey or intrusive. But whatever will keep candidates engaged — and accurately depict your company's culture — is best for recruiting efforts in the long-run.
