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Jibe, Silicon Valley Bank Close $4MM Credit Facility

October 31, 2013, 07:24 AM
Filed Under: Technology

Jibe, Inc. closed a $4 million credit facility from Silicon Valley Bank lending greater viability to Jibe’s position as one of the fastest-growing technology innovators in the recruiting and human capital management (HCM) market and will be used to continue the company’s rapid expansion and growth.

“We are pleased to announce the close of this line of credit from Silicon Valley Bank, one of the most respected sources in the technology investment community,” stated Joe Essenfeld, Jibe founder & CEO. “This comes at a time we are seeing significantly increased revenues and an expansion of our client base, and provides us an opportunity to accelerate our strategic growth plan. With the introduction this year of new, data-driven and mobile solutions into a market ripe for disruption, we feel we are extremely well-positioned to continue adding innovative value to the global recruiting and HCM landscape.”

Technology research firm Gartner sizes the HCM market at $8.3 billion in 2014, and $8.8 billion in 2015. Already this year, Jibe has expanded its significant footprint within the recruiting space by more than doubling both its customer base and global headcount. The Company also built out its solution set, expanding on its best-in-class mobile and social recruiting tools with the launch of Recruiting Analytics, recently awarded with the “Awesome New Technology for HR” distinction at the 16th Annual HR Technology Conference & Expo.

“Our mission is to help our high-growth and innovative clients grow,” said Michael McMahon, of Silicon Valley Bank in New York. “As Jibe continues to expand at a rapid pace, it needs the support of an experienced partner and flexible financing, and we’re pleased to play that role.”

Launched in 2009, Jibe provides cloud-based recruiting technology solutions for talent acquisition teams to help them identify, attract and engage candidates.

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