Modern Hire announced the acquisition of Sonru, a global video interview provider based in Ireland. This acquisition further demonstrates Modern Hire’s commitment to improving talent acquisition through technology, science, and insights. While some HR technology providers are slowing down this year, Modern Hire is ramping up to build a more comprehensive solution and expand globally.
According to our latest research, interview management (52%) and selection (42%) are the most impacted by COVID-19. As companies transform their talent acquisition functions this year, the value proposition for these capabilities has never been more significant.
I have spent time with both companies (and their customers), and below are my thoughts on this latest announcement.
A Shared Commitment
As most talent acquisition technology providers were scrambling to build recruitment marketing capabilities over the past decade, Modern Hire and Sonru remained focused on interviewing, assessments, and hiring.
When Montage and Shaker International merged to form Modern Hire in 2019, the goal was to help companies improve efficiencies and provide a better experience through deep functionality and science. As competitors (including video interviewing and some traditional assessment providers) lost favor in the market, Modern Hire maintained and strengthened its reputation and customer retention.
We interviewed P&G last year, and it was able to achieve the following results through a partnership with Modern Hire.
Expand the funnel of diverse and highly qualified talent by 7%.
Shorten the interview process by ~2.5 months
Cost savings of 80% per assessment
Sonru has had similar success with steady growth and over 400 customers globally, including a strong presence in Europe and APAC. I met with Sonru in Dublin in 2018, and the cultures of both companies align in, and the way they approach client success is similar. They have built expertise and improved customer experience in critical areas of talent acquisition.
A Look to the Future:
Science: Modern Hire is built on data and science. It has over 15 million candidates and enables over 1 million hires in over 20 languages in 200 countries and territories. The acquisition of Sonru expands its reach and strengthens its commitment to insights.
Global Footprint: Sonru has a strong presence in EMEA and APAC. Customers come from various industries, including several Fortune Global 500 companies such as DHL, Nestlé, Qatar Airways, Rolls-Royce, UBS, and Westpac.
Comprehensive Solution: We see companies shift courses rapidly from a stand-alone interview and assessment tools to more comprehensive solutions to improve quality of hire and the overall experience. Bringing Sonru under the Modern Hire brand greatly expands Modern Hire’s reach and market share while signaling high demand for the talent acquisition industry.
Over the next year, Modern Hire will be focused on integration and client success. This announcement is more than acquiring new technology. It is an acquisition that will expand its reach while strengthening its client support model and operational model.
