We have compiled a list of questions that we anticipate that our customers, partners and other stakeholders in Textkernel may have.
What is the news?
Textkernel is proud to announce that it has acquired Sovren, a US-based company that develops and licenses high-quality resume/cv parsing and semantic matching / Artificial Intelligence Matching (AIM) components.
Who is Sovren?
Sovren Inc. is a privately held software components-only firm established in 1996. It is one of the leading companies in resume/CV parsing and matching solutions. The Sovren customer base and operations are primarily situated in the US, but products are available worldwide for more than 30 languages.
Why is Textkernel acquiring Sovren?
Talent acquisition and talent management, across all industries, are transforming to become more digital and automated. Our customers and partners rely on us to deliver the foundational technology components to make that change. As a combined organization, Sovren and Textkernel can offer solutions for every imaginable use case related to our technology. And we are now able to offer that technology for more languages and are able to jointly develop faster in the future. Both companies have been leading the industry in terms of accuracy, reliability and innovation.
Both Sovren and Textkernel have many relationships with other software vendors and our ways of working and making our products available to the market are very similar. With the acquisition of Sovren, Textkernel strengthens its US based footprint, which allows it to invest more and faster in the US market through Sovren.
What will happen to Sovren’s products?
Textkernel is acquiring Sovren for the strengths of the products and will continue to invest development resources to further their positions in the market. The teams are currently working on adding specific, high-demanded Textkernel technology to the Sovren product mix. These solutions will be soon available as add-ons to the products that customers and partners are already using.
What about the security of your solutions?
Textkernel has reviewed Sovren’s security policies and have concluded that their security is at a very good level. Additionally, based on our due diligence in this area, we believe that integrating the two companies’ policies in the future will be a straightforward process and will pose no challenges to our customers. In the short term, Sovren corporate and product security will remain at their current strong levels. Currently Sovren has a SOC 2 type II attestation report and Textkernel is on a trajectory to receive a SOC 2 attestation report in 2022.
How does the acquisition benefit Textkernel customers?
Textkernel customers deserve a truly global presence and solution, and the addition of Sovren will help us deliver on that promise. Already the revenue and development resource market leader, this acquisition will better position the new entity to innovate and continue its industry leadership. The larger customer base provides a greater opportunity to develop new services faster.
As the two companies developed what are now the leading parsing and matching solutions for recruitment, they did so from completely different programming/architectural philosophies. Combining the two product lines will allow the best aspects of each companies’ software to be used, improving both products, and eventually creating a platform for a single, unified engine powering multiple APIs.
How does this acquisition benefit Sovren customers?
Sovren customers benefit in two very big ways:
Stability and longevity. Sovren’s president and co-founder, Robert Ruff, has been looking for a path that would secure the company’s loyal customers, employees, and shareholders as he considered retirement. After significant market analysis, he determined that Textkernel would be the most logical, and therefore his preferred, choice. This solution offered clarity about the future of Sovren without his day-to-day guidance. After many possible suitors over the last five years, it was clear that a combination with Textkernel represented an unambiguous win-win for both companies’ stakeholders.
Product enhancement. With the merger, Sovren customers will have immediate access to the portfolio of Textkernel products, such as the labor market intelligence solution, Jobfeed. Other product enhancements will be made available soon, including improvements and modernizations to Sovren’s skills taxonomies, leveraging the deep data expertise of Textkernel.
Are there any planned organizational changes?
Sovren will work as an operating unit within the Textkernel Group; Sovren customers will continue to be serviced by existing Sovren contacts. Textkernel will be adding highly qualified people to make sure both Sovren and Textkernel customers can expect the best possible service going forward.
Will the Sovren management team remain with Textkernel?
All Sovren employees, including those holding managerial positions, will remain with the company. Robert Ruff will stay on for a year as a consultant throughout the transition.
Where should customers go for questions relating to finance, support, or account management questions?
Sovren customers will see no sudden changes to their usual support contacts or manner in which they receive support today. In cases where we have overlapping customers, a centralized point of contact will be identified. All bank account details will remain the same. There will be a change to the invoice and new contracts, mentioning Textkernel LLC as the beneficiary of the Sovren operations and tradename.
Are any jobs – at either Textkernel or Sovren – being eliminated as a result of this acquisition?
No! In fact due to this acquisition and our imminent expansion plans, there will be more investment made in adding more great employees at both companies.
How can I buy Sovren or Textkernel solutions?
Please reach out to your account manager who will be happy to assist you with purchasing Sovren or Textkernel Solutions.
Should you have any other questions, do not hesitate to reach out to your account manager, marketing, or support through the usual channels.