Able, the onboarding software startup in Cleveland, has been acquired for undisclosed terms by Bullhorn Inc., the Boston company that creates software for the staffing industry.
Able's 40 or so employees — all of whom have been working remotely for more than a year — will be employed by Bullhorn, said Gerald Hetrick, Able's CEO.
In addition, the acquisition is an important exit event for Able's investors, which include JumpStart Inc. and North Coast Ventures in Cleveland.
"It's a wonderful day for Able," Hetrick said. "We get to continue to follow the mission we set out to build the company around with a lot more scale behind us."
Able's candidate-engagement and onboarding software is expected to help streamline the onboarding process for Bullhorn's clients, the Boston company said in a press release.
Staffing agencies are being challenged to attract talent during labor shortages made worse by the pandemic. Add to that the changing expectations of workers, and you have what Bullhorn calls "the perfect talent storm."
"We're seeing rapid evolution in the staffing space as it relates to candidate self-service and digital experiences," Hetrick said.
Able's simple, automated technology can streamline complex hiring workflows and compliance challenges, and reduce candidate drop-out while delivering a positive onboarding experience for job candidates, Bullhorn said.
"Able is a great example of the type of software company that can grow and thrive in Cleveland," said Todd Federman, managing director of North Coast Ventures, which along with JumpStart was in on the company's seed financing round in 2017.
"Gerald built a great team that achieved strong revenue growth year after year," Federman said.
Able also has received investments from Rev1 and the Ohio Innovation Fund in Columbus; Plymouth Growth Partners in Ann Arbor, Michigan; and M25 in Chicago.
"The company attracted $10M+ in venture capital from within and outside the state, Federman said.
That included a $7 million Series B funding round in February 2020, led by Plymouth Growth Partners under Able's former name, EmployStream.
