$35 Million Investment in iCIMS Means More Monmouth County Jobs: Minority investment made by Bala Cynwyd-based Susquehanna Growth Equity
Esther Surden
Hazlet-based iCIMS received a $35 million minority investment from Susquehanna Growth Equity (SGE, Bala Cynwyd, Pa.) last month. The company, which provides human resources software as a service (SaaS), says it sees tremendous growth in the small and medium business market and will use the investment to address that market.
According to Susan Vitale, chief strategic officer, iCIMS plans to use some of the investment to hire in New Jersey. The company now has about 200 employees across its operations, with approximately 140 in N.J. By the end of 2012 it expects to add 85 more positions, 75 percent of them in N.J., Vitale said. The firm is looking to add software engineers and marketing and product management personnel.
Vitale said company headquarters will remain in Monmouth County, although "I can't commit 100 percent to staying in Hazlet, because we are bursting at the seams", she noted. Much of the company's talent pool consists of New York commuters tired of traveling to the city. "iCIMS does a lot of college recruiting as well. We do a really good job of bringing in young, hungry talent from Monmouth County who may have gone to school elsewhere … We have a great corporate culture,” which makes iCIMS competitive for software engineers, she added.
iCIMS experienced explosive growth in 2011, adding an average of one new customer every business day, Vitale said. The firm was included in the Inc. 500|5000 list of America's fastest-growing private companies for the sixth consecutive year. Profitable and privately held since 2003, iCIMS had been pouring money back into its operations. “There is a huge opportunity right now. Ours is an $11.1 billion dollar industry, and among small- and medium-sized businesses there is a lot of greenfield [opportunity] out there in terms of folks who do not yet have a system. We felt this was the right time to approach the market aggressively,” Vitale said.
Colin Day, iCIMS president and CEO, said while the company could have achieved growth on its own, the investment “will help us dramatically accelerate our aggressive expansion plans. We look forward to offering deeper and broader services and support to our users.”
SGE's Scott Feldman, Amir Goldman and Jonathan Klahr will join the iCIMS board of directors. All three currently serve on the boards of multiple software companies. iCIMS was represented in the transaction by Raymond James & Associates.
(Editor's note: iCIMS reported 2010 revenue of $25.6 million, according to its listing in Inc. Magazine's 2011 Inc.500/5000 issue.)
Esther Surden is Publisher and Editor of New Jersey Tech Weekly , and a contributor to Philly Tech News. This article originally appeared in New Jersey Tech Weekly.
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