South Korean social recruitment platform Wanted has acquired its peer Kredit Job for an undisclosed amount, the startup said in an announcement.
The acquisition will give Wanted the exclusive ownership of Kreditjob.com and all of its aggregated data gathered across more than 420,000 companies in South Korea.
“This data acquisition deal will benefit all job-seekers on our platform, not just in Korea. By strengthening our AI system, we will improve upon the core of Wanted’s services. Our new data specialists will help develop solutions to fuel global growth in new markets,” said Wanted CEO Bokkee Lee.
In an email interaction with DEALSTREETASIA, Lee said the startup had raised a $9-million Series B round last May, bringing its total funding raised to $10.4 million. Investors that participated in the Series B round include Stonebridge Capital, Industrial Bank of Korea, Korea Development Bank and SL Investment.
“The next round of fundraising is currently undecided. It will depend on the speed of our international expansion. Southeast Asia, with its fast-growing digital economy and tech talent, is certainly a region we are eyeing with great interest,” he said.
Launched in 2015, Wanted expanded its services to Hong Kong, Singapore and Taiwan earlier this year. It also has a presence in Japan, serving over 3,000 companies and close to 400,000 registered users.
It claims to reduce up to 75 per cent recruitment costs for hiring managers by leveraging its trusted referral system and AI technology.
“Wanted combines the best of AI technology with the power of human referrals to breathe trust back into the recruitment process. Studies have shown, and HR professionals agree, that referrals are the best way to recruit; yet most tech-driven job sites fail to address the essential element of human vetting.
“Leveraging the globally-connected nature of today’s social networks and incentivizing referrals across communities, Wanted provides a way to connect great companies with the best talent,” claimed Lee.