Princeton-based Edison Partners, which said it received an exceptional return for the company, sold it to Veritone, a provider of artificial intelligence technology and solutions. PandoLogic has experienced 700% growth since Edison initially invested in the company in 2013, it said.
“PandoLogic has truly been a remarkable growth story, with the company rapidly adapting its strategy, go-to-market and technology to match the fast-changing recruitment market,” David Nevas, the partner at Edison Partners who led the investment, said in a prepared statement. “When we initially invested, the category leaders included legacy job boards and newspaper help-wanted ads — most of whom no longer exist. This market has changed dramatically during our investment, and it’s a testament to this management team’s dedication and creativity that they’ve been able to harness shifting industry dynamics and build a true industry leader. We’re thrilled to have been a big part of their growth story.”
PandoLogic is based in New York City and Israel. Veritone is headquartered in Denver.
Edison noted that, after four consecutive record years for exit proceeds, it is on track for a fifth such year in 2021.