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Combination Creates a Next Generation HCM Software and Services Company Offering a Cloud-based Suite of Hiring and Talent Management Solutions – Combined Company Positioned to Benefit from Large, Growing Global HR Analytics and Assessment Market
Rand Capital Corporation (NASDAQ:RAND), a business development company that makes venture capital investments in companies with emerging product, service or technology concepts, today reported that one of its holdings, Chequed.com (chequed.com), a leading provider of cloud-based Predictive Talent Selection™ technology, has combined with Assess Systems (assess-systems.com), a leading provider of comprehensive employment assessments.
The two companies have combined to create a leading next-generation Human Capital Management (HCM) software and services firm that provides cloud-based, data-driven hiring and talent management solutions. The company’s solutions predict the success of candidates and employees from hourly to executive roles across industries. Solutions are delivered on desktops and mobile devices and are integrated with major human resources (HR) systems. Chequed.com services numerous large clients, including Aspen Dental, Hallmark, SUBWAY Restaurants and The Walt Disney Company, as does Assess Systems, which services Fortune 500 companies such as 7-Eleven, Brinker International, and Hyatt.
“The combination of the unique and powerful HCM technologies of Assess Systems and Chequed.com positions us well for growth in the global HR analytics and assessment market, which is estimated at over $5 billion annually and is growing by more than 10 percent per year,” said Greg Moran, President and CEO of Chequed.com, who now serves as the CEO of the combined companies. “We are very appreciative of Rand’s investment in Chequed.com, which has been instrumental in building our business and capabilities to where we can take our growth to the next level by joining forces with Assess Systems.”
The combination of the two companies was led by Trident Capital, a Palo Alto, California-based venture capital firm. Rand participated in the financing with a $500,000 investment. Chequed.com has been a holding in Rand’s investment portfolio since November 2010, when Rand was Chequed’s first institutional investor. As of June 30, 2015, Rand’s total investment in the company was $1.6 million, and represented 5% of its net assets at June 30, 2015.
Daniel Penberthy, Rand’s Executive Vice President, added, “Like most of our transactions, we became interested in Chequed because of the experience and industry knowledge of the management team led by Greg Moran. Following our initial investment, the Chequed team continued to add experienced industry veterans like John Tobison and others, and Rand continued to support the business with follow-on investment to facilitate the growth. We believe that Rand’s investment in Chequed.com is well positioned to benefit further from this combination, which creates a larger company with expanded capabilities and service offerings enabling it to better capitalize on the growing demand for technology-driven human resource management solutions.”
