Today Toronto-based Vestiigo, a startup that connects pre-screened job candidates with opportunities at up-and-coming companies in Canada, announced that it has been acquired by Ottawa-based Talentlab, a headhunting and executive search company focused on the technology industry. The financial details of the deal were not disclosed.
Vestiigo founder Tim Ryan said in an interview that Talentlab was looking to expand its online footprint and came across Vestiigo, which it saw as an ideal gateway to tap into both a younger talent pool and some of the leading tech startups and digital agencies across Toronto, Vancouver, Montreal and Ottawa. For Vestiigo the deal means being able to keep up with the demands of companies rapidly growing with needs for more specialized talent acquisition in executive positions, something it can now offer via its parent company.
“They were looking at expanding their footprints, not just geographically but obviously acquiring an online presence, because they’re a traditional headhunting company and they didn’t have an active online pool, and a lot of money is being shifted to online,” Ryan said. “For us, certainly as we’ve grown and we’ve learned more about our clients, it really made sense…especially in dealing with companies that are starting small…you could just see their needs expanding. As they get bigger and bigger your piece of the pie is static while the pie gets bigger.”
According to Ryan, since launching Vestiigo has helped launch the careers of over 3,000 job seekers and works with hundreds of employers. Ryan started the company while still working full-time for a year and quit his job after getting some early traction and paying customers.
Although many of the company’s features are free for job candidates, it offers a pro account for $5 per month that includes the ability to access hiring managers’ LinkedIn profiles and hands-on support during the job hunt process. It also offers advertising on its newsletter, blog, and website that offers targeted opportunities for its partners. It charges employers to post their jobs on the Vestiigo site, and charges a flat fee if it successfully helps a company find a candidate.
There is little question that recruitment has come a long way since the days of employers only being able to turn to job boards like Monster and Workopolis, with plenty of startups looking to disrupt how job candidates are matched with employers. Over the past year, BetaKit has seen everything from Entelo, a search engine that can predict when candidates may be looking to make a move, to companies like HireRabbit and Work4Labs that are leveraging Facebook to help companies carry out their hiring.
In terms of the day-to-day operations of both companies, Ryan said that nothing will change drastically. With an increasing number of options available to companies searching for tech talent, and for job seekers looking for positions at SMBs, Talentlab will need to work to continue to make Vestiigo a top choice for Canadian employers and candidates, and potentially look to the U.S. talent pool if it decides to expand its footprint as part of the acquisition.
