Textkernel expands value proposition through combination with Akyla

Textkernel has made a strategic combination with best-of-breed staffing app and portal specialist Akyla.

Akyla marks the second step in the international buy-and-build strategy of Textkernel since its management teamed up with strategic software investor Main Capital Partners (“Main”) in October 2020. Last year, Textkernel successfully acquired U.S-based competitor Sovren to solidify the group’s position as a global market leader in AI-driven parsing and search-&-match technology. 

Like Textkernel, Akyla is considered a true best-of-breed solutions provider in the HR software market. Akyla is a provider of flexible mid-office working platform solutions that enable automated recruitment, selection and efficient management of flex workers. The company offers two innovative solutions (e-UUR and Xplican) that assist customers with administrative processes involved in the management of flex workers, including onboarding, hourly registration, time interpretation, digital signing and vendor management.

The organizations foresee opportunities for a strong and unique combined product proposition that will competitively position the combination in the market. Notably, by gathering richer and more actionable data, the combination will improve the effectiveness of the search & match algorithms of Textkernel and empower staffing organizations to more effectively match candidates and jobs at the right time automatically. Candidates will enjoy a more tailored and suitable offering of potential jobs, which should lead to higher redeployment and placement rates for staffing agencies and a higher degree of job satisfaction and employee productivity for flex workers, while lowering the sourcing costs and efforts of staffing agencies.

Together, Akyla and Textkernel serve a combined customer base of more than 2,500 organizations, including staffing organizations, payrollers, corporates, job boards, HR solutions providers and other participants in the broader HR market.

Martin Schievink, CEO of Akyla, is excited to join forces with the internationally experienced Textkernel team and looking forward to the cooperation: “Textkernel is an excellent strategic match for Akyla. We share similar cultures and ambitions to help staffing organizations around the globe with our propositions.”

Gerard Mulder, CEO of Textkernel, foresees a fruitful strategic partnership with strong potential to offer a value-added proposition together with Akyla to staffing organizations and software partners across international markets.

While exploring the opportunity for cooperation the response to our ideas from customers and partners were nothing but extremely positive. That feedback, combined with our very similar cultures and go-to-market strategy and Akyla’s wish to become more internationally active, strengthened our belief that joining forces will accelerate the growth of both companies significantly.

Gerard Mulder, CEO of Textkernel

Main Capital has long been in contact with the leadership of Akyla and envisions a productive strategic combination that could bring sustainable competitive advantage, according to Pieter van Bodegraven, Partner at Main and Chair of the Supervisory Board of Textkernel: “We strongly believe in putting together driven and passionate entrepreneurs to accelerate innovation for the benefit of their clients. Over the past 20 years, this has been a key value creation driver in the successful organic and buy-and-build growth strategies we have executed together with our business partners. With Akyla and Textkernel, we combine two organizations that are both renowned for their skills and expertise within their respective adjacent domains of the HR ecosystem.”

For more information and an FAQ about the acquisition, visit our website.  

About us

Textkernel

Textkernel is an international leader in AI-driven solutions for parsing, data enrichment and matching people and jobs. Textkernel enables thousands of recruitment & staffing agencies, employers, job boards, HR software vendors and outplacement & redeployment agencies worldwide to work smarter and more effectively by creating efficiencies in the HR and recruitment process. Textkernel is headquartered in Amsterdam, with satellite offices in Frankfurt, Paris and the United States. Including Akyla, the group employs ca. 175 people.

Akyla

Akyla is a provider of flexible mid-office working platform solutions that enable automated recruitment, selection and efficient management of flex workers. The company offers innovative solutions that assist customers with all administrative processes involved in the management of flex workers. Headed by its co-founders, Akyla’s ca. 30 employees serve a loyal customer base of more than 200 staffers, payrollers and HR services providers across the Benelux and Nordics regions.

Main Capital Partners

Main Capital Partners is a leading software investor in the Benelux, DACH and the Nordics. Main has almost 20 years of experience in strengthening software companies and works closely together with management teams of its portfolio companies as a strategic partner, in order to realise sustainable growth and build excellent software groups. Main counts over 45 employees and has offices in The Hague, Stockholm, and Düsseldorf. In October 2021 Main has over 2.2 billion euros under management and invested in more than 120 software companies. These companies create jobs for approximately 4,000 employees.

Textkernel is the AI foundation for recruitment automation on Bullhorn | Engage 2022 | Boston


UK Retail Report | 2022: Employment Numbers Remain Low, Despite High Demand for New Personnel

The latest numbers from Textkernel’s Jobfeed tool show that the UK retail industry saw a decline in the retail workforce in Q3 of 2021, with 129,000 fewer jobs than the same time in 2020.

Understandably, given that the pandemic shut down many stores and prevented foot-traffic, the development in the UK retail industry has consistently lagged behind the development of the UK’s total employment figures, as the graph above shows. (Note as well that over the course of the pandemic UK consumers have tended to spend more money on expensive, one-off purchases, including travel and leisure goods (The Guardian, 2022)).

High demand for new personnel in the UK retail sector

Nevertheless, the demand for new personnel in the UK retail sector remains very high. In the fourth quarter of 2021, there were 355,000 retail job openings, an increase of 90% compared to the same quarter last year. Furthermore, 10% of all job postings in the UK are for retail positions.


One important insight from the data is that the retail industry in the UK is currently experiencing a high level of turn-over, as employment rates decrease while the number of job postings is increasing quickly. Quit rates were highest heading into the holiday season, with over 720,000 retail workers quitting their
jobs in August (Charged Retail, 2021), though workers continue to leave the sector, with a recent survey suggesting that 28% of all retail employees in the UK want to quit their jobs (InsightDIY, 2022).

Our customers

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Textkernel acquires US-based software company Sovren to become the global leader in AI-powered recruitment technology

Amsterdam, 30 November 2021 – Textkernel, backed by strategic software investor Main Capital Partners (“Main”), has further strengthened its position as a global leader of search and match technology through the add-on acquisition of US-based AI company Sovren. 

Sovren, which delivers a similar product suite, predominantly within the North American market, is based in Texas, USA. The combination of both companies creates a market leading player in the AI-based search and match technology space. This seamlessly fits into Textkernel’s mission to connect people and jobs, better.

With this strategic step, Textkernel continues its exciting growth trajectory and strengthens its North American and APAC footprint. Both Textkernel and Sovren have achieved impressive growth in recent years, both inside and outside the USA. After joining forces with Sovren, Textkernel serves over 2,500 clients including some of the largest staffing companies worldwide, working from offices in The Netherlands, USA, France and Germany.

Connecting People and Jobs, Better

“With the acquisition of Sovren, Textkernel enters into a very exciting next phase of its 20 year anniversary as a truly global AI technology leader for talent acquisition and management. Since our inception as an R&D-focused company 20 years ago, Textkernel has aspired to help people and jobs connect better.”

With the acquisition of Sovren, Textkernel is one step closer to creating an AI platform which makes all talent and labour market data meaningful, actionable and globally accessible for everyone.

Gerard Mulder, CEO of Textkernel

Robert Ruff, CEO of Sovren, added: ‘I am thrilled to have found the best possible company to join forces with Sovren. This acquisition ensures continuity for our employees, our customers, and our products. I believe the Sovren customers can immediately benefit from the strong knowledge and functionality of Textkernel around classifications on skills, professions and semantic enrichments for better search and match results.’

Pieter van Bodegraven, Managing Partner Benelux at Main Capital and Chairman of the Supervisory Board of Textkernel, commented: ‘We expect to become more active in the United States in the short to medium term. This is a very exciting moment for Main as we see great potential for many of our European platforms to rollout operations in the USA through buy-and-build strategies.’

About us

Textkernel

Textkernel is the international leader in Artificial Intelligence (AI), Machine Learning and Semantic Technology for matching people and jobs. Textkernel enables thousands of recruitment and staffing agencies, employers, job boards, HR software vendors and outplacement and  redeployment agencies worldwide to work smarter and more effectively by creating efficiencies in the HR and recruitment process. Textkernel is headquartered in Amsterdam, with operations in Germany, France, UK and USA. Including Sovren, the group employs ca.140 people. In November 2021, Textkernel took first place in the Main Software 50 ranking, for most successful software companies in the Netherlands.

Main Capital Partners

Main Capital Partners is a leading software investor in the Benelux, DACH and the Nordics. Main has almost 20 years of experience in strengthening software companies and works closely together with management teams of its portfolio companies as a strategic partner, in order to realise sustainable growth and build excellent software groups. Main counts over 45 employees and has offices in The Hague, Stockholm, and Düsseldorf. In October 2021 Main has over 2.2 billion euros under management and invested in more than 120 software companies. These companies create jobs for approximately 4,000 employees.

Sovren

Sovren Inc. is a globally leading software developer of enterprise-grade resume/CV parsing and semantic matching / artificial intelligence matching (AIM) technology. Sovren serves a customer base that spans over 1,000 staffing and recruitment agencies, HR software vendors, job boards and large corporations. Sovren’s broad suite of intuitive, accurate and highly efficient recruitment solutions are used by customers across the globe in more than 70 countries. The company is led by its founder and President Robert Ruff and all employees operate out of the United States.